Iraq Takes Action on Oil Smugglers
2008-06-06 14:01:16 (GMT) (Caymanmama.com - Government Law News)Dallas, Texas (CaymanMama) — With gas prices sky rocketing through the roof and beyond, everyone seems to be trying to get their hands on this prized possession. Many people try to smuggle gas from Iraq. By ignoring oil smugglers, Iraq was losing billions of dollars every year from this prosperous business. Sick of allowing this to happen, they have come up with a new law to deter this act from happening again.
The law is called the Oil Derivatives Law. This law allows authorities to punish smugglers by taking over their assets, make them pay fines or even arrest them for this criminal action. This law should not be taken lightly, as the maximum amount of years an offender can serve is five. Although the government was too weak to take action before, they believe that in order to stop the loss of oil, money, and business they must take action.
Iraq gets most of profits from its oil business, this year they hope to make $70 billion in oil alone. This number probably would not be possible if smuggling continues, due to the fact they lose about 105,000 barrels of oil, per day. By taking one step towards stopping this crime from happening again, Iraq has indeed shown offenders that they are a force to reckon with.
For More information, visit
http://www.guardian.co.uk/business/feedarticle/7565272
Ali Qamar
Staff Reporter
CaymanMama.com - Press Release Distribution Service
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