VICTORY! - Mission (nearly) Accomplished

Iraq's oil reserves - thought to be the second largest in the world - have always been high on the corporate wish list. In 1998, Kenneth Derr, then chief executive of Chevron, told a San Francisco audience, "Iraq possesses huge reserves of oil and gas - reserves I'd love Chevron to have access to."

Since the invasion of Iraq, the Bush administration has been aggressive in shepherding the oil law toward passage. The administration has highlighted the law's revenue sharing plan, under which the central government would distribute oil revenues throughout the nation on a per capita basis. But the benefits of this excellent proposal are radically undercut by the law's many other provisions - these allow much (if not most) of Iraq's oil revenues to flow out of the country and into the pockets of international oil companies.

Iraq's five trade union federations, representing hundreds of thousands of workers, released a statement opposing the law and rejecting "the handing of control over oil to foreign companies, which would undermine the sovereignty of the state and the dignity of the Iraqi people." They ask for more time, less pressure, and a chance at the democracy they have been promised.