I think you’ll remember the much discussed benchmark, the so-called “Oil Revenue Sharing Law”. President Bush has said that passage of the oil law will result in the sharing of oil revenue among all Iraqis and that its passage will help unify the country. The oil law has broad support in Congress among both democrats and republicans. The Iraq Study Group supports its passage as does the IMF.
The legislation of the new Iraqi Oil & Gas Law by the Iraqi parliament has become the most important benchmark of the US Administration, its oil lobbies, the IOCs, the IMF, and the occupying forces. The Bush administration wants this law to be passed as soon as possible, whatever the cost to the Iraqi people.
A year has passed since the landmark deadline of December 2006, for the Iraqi government to deliver the long awaited Iraqi oil law. The Iraqi Parliament has not passed it. Let’s take a look at what has happened.