As usual, it seems, Mr. Bush was consciously deceiving us. He failed to tell us the whole truth. The Iraqi hydrocarbon law also privatizes 81% of Iraq's currently nationalized petroleum resources, opening them to "investment" by Exxon/Mobil, Chevron/Texaco, and two British oil companies, BP/Amoco and Royal Dutch/Shell. (For further details, see Joshua Holland, "Bush's Petro-Cartel Almost Has Iraq's Oil,") These companies expect to sign the rarely used and notoriously profitable contracts called "production sharing agreements" which guarantee them extraordinarily high profit margins: they might capture more than half of the oil revenues for the first 15-30 years of the contracts' lifespan, and deny Iraq any income at all until their infrastructure "investments" have been recovered.
 
So the Iraqi people will share among themselves all the revenue from 1/5th of their country's oil reserves. But they will get only a fraction from the remaining 4/5ths, where the American and British oil companies expect to generate immense profits.