Why Putin Has the U.N. over a Barrel


Russian President Vladimir Putin

Cynics may believe that George W. Bush's desire for regime change in Iraq is ultimately meant to serve the interests of his petro-cronies. If so, U.S. oil companies will have to get in line: Saddam Hussein has recently cut a slew of generous deals with Asian and European concerns, giving them first crack at Iraq's 112 billion barrels of known oil — worth at least $3 trillion at today's prices — as well as unexplored fields. Non-U.S. firms have over 30 deals with Iraq waiting to take effect when sanctions are lifted; France's TotalFinaElf, Spain's Repsol, and Italy's Eni all have...

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