T. Boone Pickens: US firms entitled to Iraqi oil

American oil tycoon T. Boone Pickens recently spoke in front of Congressional Natural Gas Caucus and complained at that the Iraqi government is awarding contracts to foreigners and not the US. Pickens thinks US firms are entitled to their oil.

On Wednesday, American businessman who is worth $3 billion and supporter of 2008 Presidential candidate Rudy Giuliani, Thomas Boone Pickens, spoke to the newly formed Congressional committee, the Congressional Natural Gas Caucus, and believes that it is absolutely wrong for the Iraqi government, according to Reuters, to give oil contracts to foreign companies, particularly Chinese firms, instead of the US because, “We’re entitled to it!” And further added, “Heck, we even lost 5,000 of our people, 65,000 injured and a trillion, five hundred billion dollars.” As President Barack Obama tries to initiate a plan to withdraw US forces from the region, the Chairman of the Hedge Fund of BP Capital Management only sees one thing happening, “We leave there with the Chinese getting the oil.” Iraq’s Oil Minister Hussain al-Shahristani said in a Washington conference on Wednesday, reports the Arabian Business, which he states his country was happy and proud of an auction they held earlier this year. The auction was the first time since the US-led invasion began in 2003 that a foreign company could bid for a contract, “We're pleased with scale and participation of the IOC (International Oil Companies) and the transparent and public competition.” BP and CNPC, a Chinese oil firm, were the only firms to win a contract in Iraq.