September 30, 2005

Saddam In Power - 2005

Victor Davis Hanson imagines.

Saddam’s new oil?

Reuters reported today of undisclosed arrangements concerning Saddam Hussein and French and Russian consortia to explore new areas of Iraq for possible petroleum development. But French officials hotly denied charges that they had accepted an offer of 75 percent of the revenues for each barrel pumped from all new fields developed. CIA analysts estimated that recent revenue increases of $30 to $40 per barrel in price hikes had given Saddam over $100 billion in windfall profits. One anonymous analyst asked, “Where does all this money go? Perhaps that is why France, Germany, Russia, and China are lining up to provide Saddam with anything he wants.”

U.N. to monitor windfall profits

U.N. Secretary General Kofi Annan promised that all the Iraqi windfall profits from recent oil spikes would fall under the auspices of the Oil-for-Food program. To ensure transparency and public audit, Secretary Annan asked his son and special envoy Kojo Annan to fly to Switzerland to consult Swiss financial institutions about monitoring oil vouchers. “No other program except such a U.N. international effort could ensure the integrity of some $50 billion in commerce. The lives of Iraqi children are at stake and we take our humanitarian task very, very seriously. It is another reminder of why we need a strong United Nations.”

Posted by dan at September 30, 2005 10:53 AM