Security Consequences of the New Bill on Oil in Iraq

The foremost source of income for the Iraqi government is oil, which comprises about 70% of its GDP and 95% of its total income. Therefore, any change in this realm by the occupier states will lead to a profound economic, security and political consequences not only in this country but also for other oil exporting states. This paper analyzes the content and regulations of the new bill of Iraq on oil, which the Iraqi Cabinet of Ministers has submitted to the Parliament to consider and ratify. It also evaluates probable consequences of this new bill. Findings of this paper indicate that ratification of this bill can benefit billions of Dollars, from the Iraqi wealth to the US and British companies. Furthermore, according to this bill foreign companies and their governments will be in control of the Iraqi oil, which, in turn, can increase instability in this country.