If the Arabs control the oil in their soil, they still need to sell it at a price the buyers can accept.
I don't really get the argument that the U.S. would enjoy a great windfall from the "control" of Iraqi oil. Say the occupation manages to pacify the country and U.S.-based (and only U.S. - what about non-U.S. firms?) oil companies end up owning Iraq's oil, like in the old days. So they capture some rents that would otherwise go to the Iraqi national oil company. Good for the oil companies involved, but how much would that help other sectors of U.S. capital? Oil companies have an interest in high oil prices, but that harms autos, airlines, chemicals, and finance. If you want to say that the Bush admin narrowly represents oil interests in the U.S., ok (but there's no evidence that big oil actively encouraged the invasion of Iraq). But the broader arguments about some great material interests behind the war - I just don't get them. This isn't the 19th century anymore.
Doug
