Reply #3: Many people in Iraq knew from the beginning that this was about [View All]

resources, I doubt they were ignorant of what took place in the 1950's.

As for retirement accounts unfortunately everyone does not have one and under Bush there has been almost 1 trillion added to SS Trust Funds, now Bush says these notes are nothing but pieces of paper. Think we agree that the poor will suffer the most and those with substantial retirement accounts have been the real beneficiaries of the Iraq invasion.

One to two trillion dollars for this invasion :(


I have not read through all the info at the links below, but there is some discussion of the Consortium Agreement etc. so FWIW.


http://www.iranica.com/newsite/articles/ot_grp7/ot_oil_ind_ii_20041218.html

"After the nationalization of the oil industry in Iran in 1951 and the subsequent signing of the Consortium Agreement in 1954, exploration activities started anew in the Southern Province of K¨uzesta@n. Moreover, the new Petroleum Act of 1957 made it possible to sign many agreements with the international oil companies for both onshore and offshore exploration."


5 pages
http://www-personal.umich.edu/~twod/oil-ns/yergin/yergin_c23_iran_outline.pdf


"EFFECTS OF COUP

– Anglo-Iranian still unable to operate due to continued anti-British sentiment.
– Significant US involvement in Iranian oil through “Consortium”. US becomes a
major player in Iran and the MENA.

THE CONSORTIUM

– Formed by the US to reactivate Iran's oil industry.
– US govt pushed for investment into Iranian oil as a national policy.
– Criminal anti-trust case against 5 American oil companies called off and replaced
by civil action.
– Consortium agreement between US-led consortium and National Iranian Oil Co.
Signed. Consortium included Anglo-Iranian, four Aramco partners (Jersey,
Socony, Texaco and Standard Oil), Gulf, Shell, and CFP.
– Anglo-Iranian : 40 percent
– Shell : 14 percent
– Jersey : 8 percent
– Socony : 8 percent
– Texaco : 8 percent
– Standard Oil : 8 percent
– Gulf : 8 percent
– CFP : 6 percent
– US independent oil companies eventually gained access thru formation of a “subconsortium”.
– Each of the five American companies surrendered 1 percent (total of 5
percent) to a new entity, Iricon, composed of nine independent American oil
companies.

EFFECTS OF NATIONALIZATION ON IRANIAN ECONOMY

– Iran acquired some measure of control of its oil resources.
– July 1957: Iranian Oil Act passed; transformed the National Iranian Oil
Company (created by Mossadegh in 1951) into a functioning arm of the state.
– Iran able to negotiate for more favorable agreements during the Shah period.
– NOIC signed joint ventures with foreign companies (i.e. ENI and Standard
Oil); joint ventures were more beneficial to the NIOC than in the past.
– Shah's economic programs benefited from rising oil revenues."
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