I meant to make a comment the last time I linked to George Arnold, one of the editorial writers at the NWA DoG. George Arnold for years has been bellied up to the Kool-Aide bar and been a mighty mouse defending all things republican and most egregiously, Bush. This is Arnold’s second op-ed piece in 2 weeks throwing a punch at G.W. and his administration and its policies. When the Republican’s lose Arnold, there is hope for NWA.

Filling the pockets of Big Oil

The catch is that such an arrangement would be an exception to the contracts the larger oil-producing countries of the region now have. According to articles in the British newspaper, The Independent, big oil companies could get Iraqi contracts lasting 30 years or more. While the companies are recovering their investment costs, they would be allowed to keep as much as 60 to 70 percent of oil revenues. Even after the investments are recovered, the companies can keep 20 percent of the profits. Even in countries that allow production sharing agreements, 40 percent retention is more common before the investment is recouped; afterward, the norm is 10 percent.