How ExxonMobil Outsmarted Baghdad

In 2006, an Iraqi technocrat named Tariq Shafiq was charged with crafting an oil law. A Berkeley-trained engineer, he began his career in the 1950s, rising through the consortium of foreign firms that comprised the Iraq Petroleum Company -- until the Baathists nationalized the oil sector and sentenced him to death, in 1970, for conspiring with the imperialists. Luckily, Shafiq had been out of Iraq at the time, and he didn't return for decades. But now he would again find himself at the center of controversy. In a country that receives 95 percent of its revenue from oil, his oil law would not only shape the management and regulation of the national economy but also determine the extent to which power would be centralized in Baghdad. It was the centerpiece of Iraq's own version of the Federalist Debates.