Iraq oil - the target for years. The history of the oil wars.

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http://english.aljazeera.net/Special+Reports/Iraq+Oil+Target.htm
Please read link.

Faced with the British and French domination over the region’s huge resources, the US at first demanded an “open door” policy allowing US companies to freely negotiate oil contracts with the puppet monarchy of King Faisal whom the British had installed in Iraq.

In 1927, major oil explorations were undertaken and huge oil deposits were discovered in the Mosul province, which fuelled the rivalry among competing colonialist oil companies even further.

However, a settlement was arranged and Iraqi oil was divided up into five portions, 23.75% for each of several companies from Britain, France, Holland and the United States.

The Iraqi people were left with virtually nothing of their oil wealth, and this unfair situation continued until 1958 when the Hashemite monarchy was toppled in a military coup.

The Iraqi petroleum company, shared by British Petroleum, Shell, Mobil and Standard Oil of New Jersey (Exxon) was established. Within a few years, this company had a total monopoly of Iraqi oil production.

Yet, the US oil companies and their government in Washington, were not satisfied since their target was to achieve complete control of the Middle East oil by displacing the British.

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