Just over 20 of Iraq's roughly 80 known oil fields have been fully or partially developed, and most of its production comes from just three giants, North and South Rumaila and Kirkuk. Because lots of the black gold is considered relatively easy to extract, oil experts estimate that exploration and development in Iraq costs $1.50 to $2.25 a barrel, compared with about $5 in Malaysia or $20 in Canada.

Lawmakers and some oil officials, meanwhile, say the auction will give too much access to Iraq's oil resources to foreigners. Mr. Shahristani also has been called to appear before parliament for questioning about alleged corruption and mismanagement at the ministry.

Western oil companies were kicked out of Iraq in 1972, part of a wave of Mideast petroleum nationalization. Oil production hit at least three million barrels a day before Iraq invaded Kuwait in 1990, then fell sharply to about 300,000 barrels after economic sanctions and trade embargoes were imposed. Production rebounded to about 2.5 million barrels before the U.S. invasion in 2003.

Access to Iraq's oil will be a boom for the economy of the Iraqi people. They have everything to gain.

What I don't like is that the US government will (it already has) recede on it's need to become energy independent. We have our own resources!!! Let's utilize them.

Jatfla..."Access to Iraq's oil will be a boom for the economy of the Iraqi people. They have everything to gain."..

Yes, just like Nigeria where Shell controls the oil and ordinary people live in luxury!

Even if that did happen, which is highly unlikely considering the history of western oil companies in oil rich countries, wasn't the price they paid to get to this point rather high?

favorable terms for the foreign companies

Oh, of course!

American aid will win the day. The tax payers will pay for American companies to get the rights.