Biden urges Iraqi Kurds to compromise on Iraqi oil law.

Remember the Iraq oil law. It was originally one of the bench marks for progress in Iraq but there still is no oil law even though the first draft was presented to the legislature in May 2007. The western oil giants would dearly love to have a law in place such as the one originally drafted since it is crafted so as to guarantee tidy profits for foreign corporations and vastly reduces the role of the National Oil Company. Oil Unions opposed the bill but so did the Kurds since they felt they did not get their fair share of oil revenues. The Kurds have passed their own oil law and developments are already ongoing. Biden wants a federal oil law to be passed quickly so that the big oil companies will have a better investment climate.

This article is from VOA (Vice of America)

""Biden met with Iraqi President Jalal TalabaniJalal Talabani and the president of the semi-autonomous Kurdish region, Massoud BarzaniMassoud Barzani, in the regional capital of Irbil.

During a joint news conference with Mr. Barzani, Biden said he believes the Kurdish leader is negotiating in good faith with the central government to resolve all outstanding issues.

The Kurds have been locked in bitter disagreement with Baghdad over control of oil and disputed territory in parts of northern Iraq, particularly the oil-rich region of Kirkuk.

Mr. Barzani repeated the Kurds' commitment to solve all problems within the framework of the Iraqi constitution.

The tensions have stalled passage of a hydrocarbon law that would define oil revenue sharing and clarify rules for foreign firms investing in Iraq's oil and gas fields.

Biden told leaders of Iraq's central government in Baghdad Wednesday that passage of the law is in Iraq's best interest. A senior U.S. official said Biden also made clear that the next round of bidding on oil concessions should be made on more generous terms to attract more outside interest....""