Sunday, March 09, 2008

Where is Iraq's oil money going?


clipped from www.cnn.com
Two senators are asking congressional investigators to look at Iraq's oil revenues and see if the war-ravaged nation can pay for its own reconstruction, an effort that has been bankrolled to this point mostly by U.S. taxpayers.
Government Accountability Office that Iraq has "tremendous resources" in banks worldwide but is doing little to improve security and reconstruction efforts.
We believe that it has been overwhelmingly U.S. taxpayer money that has funded Iraq reconstruction over the last five years, despite Iraq earning billions of dollars in oil revenue
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Using numbers from the U.S. State Department and Iraqi Oil Ministry, the senators said Iraq hopes to produce 2.2 million barrels of oil a day this year. Weekly averages suggest that the number has climbed as high as 2.51 million barrels a day.
That kind of oil production could earn Iraq a projected $56.4 billion this year
we believe that Iraq will accrue at least $100.0 billion in oil revenues in 2007 and 2008
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