Crude Dudes (Linda McQuaig)

  By Linda McQuaig -- Toronto Star

  Selling the modern world's most indispensable commodity has never been a bad business to be in — particularly for the small group of companies that straddle the top of this privileged world. But never more so than now.

  "Profit-wise, things could not have been better," says Gheit, "In the last three years, they died and went to heaven.... They are all sitting on the largest piles of cash in their history."

  But to stay rich they have to keep finding new reserves, and that's getting tougher. Increasingly it means cutting through permafrost or drilling deep underwater, at tremendous cost. "The cheap oil has already been found and developed and produced and consumed," says Gheit. "The low-hanging fruit has already been picked."

  Well, not all the low-hanging fruit has been picked.

  Nestled into the heart of the area of heaviest oil concentration in the world is Iraq, overflowing with low-hanging fruit. No permafrost, no deep water. Just giant pools of oil, right beneath the warm ground. This is fruit sagging so low, as it were, that it practically touches the ground under the weight of its ripeness.

  Not only does Iraq have vast quantities of easily accessible oil, but its oil is almost untouched. "Think of Iraq as virgin territory.... This is bigger than anything Exxon is involved in currently.... It is the superstar of the future," says Gheit, "That's why Iraq becomes the most sought-after real estate on the face of the earth."

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READ MORE: Energy Bulletin

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