The Guardian minces no words:

US 'backed illegal Iraqi oil deals'

...A report released last night by Democratic staff on a Senate investigations committee presents documentary evidence that the Bush administration was made aware of illegal oil sales and kickbacks paid to the Saddam Hussein regime but did nothing to stop them.

The scale of the shipments involved dwarfs those previously alleged by the Senate committee against UN staff and European politicians like the British MP, George Galloway, and the former French minister, Charles Pasqua.

In fact, the Senate report found that US oil purchases accounted for 52% of the kickbacks paid to the regime in return for sales of cheap oil - more than the rest of the world put together....

Yesterday's report makes two principal allegations against the Bush administration. Firstly, it found the US treasury failed to take action against a Texas oil company, Bayoil, which facilitated payment of "at least $37m in illegal surcharges to the Hussein regime"....

In its second main finding, the report said the US military and the state department gave a tacit green light for shipments of nearly 8m barrels of oil bought by Jordan, a vital American ally, entirely outside the UN-monitored Oil For Food system....

The story, alas, has ome silly sentence:

The report is likely to ease pressure from conservative Republicans on Kofi Annan to resign from his post as UN secretary general.

Oh, yeah, I'm sure.