According to the Bush Administration, the notion that the occupation of Iraq was a means to gain control over that country’s vast oil reserves is “nonsense” and “a myth.” However, in February, 2007, the proposed draft of a new law to structure Iraq’s oil industry was leaked, and it is now being considered by the Iraqi parliament. Several key features of the law would:

* Allow two-thirds of Iraq’s oil fields to be developed by private oil corporations. In contrast, the oil industry has been nationalized in every other major Middle Eastern producer for over 30 years.

* Place governing decisions over oil in a new body known as the Iraqi Federal Oil and Gas Council, which may include foreign oil companies;

* Open the door for foreign oil companies to lock up decades-long deals now, when the Iraqi government is at its weakest.

Overall, the law would secure the agenda of ExxonMobil, Chevon, and the other majors, robbing the Iraqi people of their most basic source of wealth. Much is at stake. With 115 billion barrels of proven reserves ($7 trillion worth at $64 per barrel) and another 215 billion possible or likely ($14 trillion), there’s nearly a million dollars of oil for every Iraqi citizen. It’s a vast and precious national resource—but only if Iraqis are allowed to control it themselves.