Correct me if I'm wrong, but this AP article on Yahoo says that the Iraqi Oil Law defines distribution of the oil revenues. My understanding is that it decides how the oil is going to be exploited (mainly by US oil companies) and that a subsequent law will have to be passed to decide on the revenue-sharing.
It's pretty plain why the US governemnt has been pushing for this. It's what Operation Iraqi Liberation, oops sorry, Freedom, was all about.
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