Iraq Will Award Oil Contracts

by Cynthia
(Arlington, New York)

On June 30, 2008, Iraq will award oil contracts to 35 major oil companies and six state owned oil firms. The state owned oil firms are Algeria, Angola, Pakistan, Thailand, Turkey, and Vietnam. Who knew some of these countries even had such things?

Asim Jihad, spokesman for Iraq's oil ministry, gave out this information today and I read about it on Yahoo news.

Apparently, 36 years ago, as Saddam Hussein took power, oil firms were tossed out of Iraq and now they will be allowed back in to remove oil from the ground and process it.

They will begin work where oil wells already exist in Iraq to save money and start the flow of oil quickly.

Now if only the United States Congress would allow us to start extracting oil again, we would not have gas prices higher than $4 a gallon.