The Potsdam of Oil

The London Line : Iraq: The carve-up begins

We knew this was always what it was really about: divying up the oil. Like we did with Russia and England at Potsdam the tail end of WWII, we are carving up Iraq's booty.

The Iraq war has so far cost America and Britain £105billion. But the financial clawback is gathering pace as British and American oil giants work out how to get their hands on the estimated £3trillion worth of oil.

Executives from BP, Shell, Exxon Mobil and Halliburton, Dick Cheney's old firm, are expected to congregate at the Paddington Hilton for a two-day chinwag with top-level officials from Iraq's oil ministry. The gathering, sponsored by the British Government, is being described as the "premier event" for those with designs on Iraqi oil, and will go ahead despite opposition from Iraqi oil workers, who fear their livelihoods are being flogged to foreigners.

Let freedom reign.