Iraq's oil profits are huge!

[admin]

WASHINGTON — Iraq has benefited handsomely from this year's surge in oil prices and is well-positioned financially to shoulder a greater share of its own economic and security needs, the U.S. government's accounting watchdog concluded in a report released Tuesday.

In its report on efforts to stabilize and reconstruct Iraq , the Government Accountability Office steered clear of the politics of who pays for what. But it left little doubt that Iraq , which racked up $32.9 billion in oil earnings from January through June, can afford to pay more for its own reconstruction.
The GAO estimates that Iraq will earn $67 billion to $79 billion in oil sales this year, twice the average annual amount of revenue that it generated from oil sales from 2005 through 2007. This windfall comes despite the fact that Iraq is still struggling to approach pre-invasion oil-production levels.
Record high oil prices mean that Iraq's government could post a budget surplus of more than $50 billion by year's end. From 2005 to 2007, oil exports provided 94 percent of the Iraqi government's revenues.
"This substantial increase in revenues offers the Iraqi government the potential to better finance its own security and finance needs," the GAO said.
The Iraqi government has run budget surpluses since 2005 that amounted to a cumulative $29.4 billion at the end of last year. Should oil prices remain high, Iraq could post a budget surplus for this year of $38.2 billion to $50.3 billion , GAO researchers concluded.
However, investment spending by the Iraqi ministries that are responsible for oil, water and electricity declined sharply from 2005 to 2007. The GAO said that Oil Ministry spending fell by an annual rate of 92 percent, Electricity Ministry spending by 93 percent and Water Ministry spending by 13 percent. All three ministries affect Iraqi citizens' quality of life and thus support for the struggling elected government.
While Iraq has amassed budget surpluses, the U.S. Congress has appropriated roughly $48 billion since 2003 for efforts to stabilize and reconstruct the invaded nation. As of this June, the GAO said, about $42 billion of that money had been spent.
Just 1 percent of what Iraq spent from 2005 through 2007 went toward expenditures such as maintaining U.S.- and Iraqi-funded investment in buildings, water supplies and power-generation facilities.
"The Iraqi government now has tens of billions of dollars at its disposal to fund large-scale reconstruction projects. It is inexcusable for U.S. taxpayers to continue to foot the bill for projects the Iraqis are fully capable of funding themselves," Sen. Carl Levin , D-Mich., said in a statement. "We should not be paying for Iraqi projects while Iraqi oil revenues continue to pile up in the bank, including outrageous profits from $4 a gallon gas prices in the U.S."
Levin, the chairman of the Senate Armed Services Committee , requested the study in March, along with the ranking Republican on the panel, Virginia's John Warner . Warner joined Levin on Tuesday in bipartisan criticism of Iraqi budget practices.
"Despite Iraq earning billions of dollars in oil revenue in the past five years, U.S. taxpayer money has been the overwhelming source of Iraq reconstruction funds," Warner said. "It is time for the sovereign government of Iraq , using its revenues, expenditures and surpluses, to fully assume the responsibility to provide essential services and improve the quality of life for the Iraqi people."
Before the U.S.-led invasion in 2003, then-Deputy Defense Secretary Paul Wolfowitz declared that Iraq's oil proceeds would cover the cost of the war and the expense of rebuilding the country after Saddam Hussein was removed from power.
"To assume we're going to pay for it all is just wrong," Wolfowitz told the House Budget Committee on Feb. 28, 2003 .
The Bush administration didn't refute the GAO's assertions. In a request from the GAO for comment, Deputy Assistant Treasury Secretary Andy Baukol acknowledged that increased oil revenues put Iraq in a stronger position to shoulder its own burdens.
"Nonetheless, the pace of spending has been held back by various factors, including deficiencies in capacity and security," Baukol, the chief treasury official for the Middle East , said in a written response.
Iraq spent $10.8 billion this year through April, Baukol noted, twice what it spent in the same period last year. The Iraqi government submitted a supplemental budget to the nation's parliament in July, he added, and the proposal included $8 billion dedicated to capital projects.

[admin]

meanwhile, the U.S. is using more than 5,000 tanker trucks to haul JP-8 gas – a blended jet fuel that’s used to run both vehicles and aircraft – into Iraq. Last year alone American forces in Iraq burned through more than 1.1 billion gallons of fuel.
"In November 2006," says Bryce, "a study produced by the U.S. Military Academy estimated that delivering one gallon of fuel to U.S. soldiers in Iraq cost American taxpayers $42 – and that doesn’t include the costs of the fuel itself."
If John McCain is willing to stay in Iraq for 100 years (as he said he would), the oil bill to Americans will be $5.2 trillion.

[metfan85]

meanwhile, the U.S. is using more than 5,000 tanker trucks to haul JP-8 gas – a blended jet fuel that’s used to run both vehicles and aircraft – into Iraq. Last year alone American forces in Iraq burned through more than 1.1 billion gallons of fuel.
"In November 2006," says Bryce, "a study produced by the U.S. Military Academy estimated that delivering one gallon of fuel to U.S. soldiers in Iraq cost American taxpayers $42 – and that doesn’t include the costs of the fuel itself."
If John McCain is willing to stay in Iraq for 100 years (as he said he would), the oil bill to Americans will be $5.2 trillion.

Iraq should pay back every darned cent we spent on them in this stupid war with this oil.

[admin]

Iraq should pay back every darned cent we spent on them in this stupid war with this oil.

well thats what Donald Rumsfeld said 5 years ago, "the war will be paid for by Iraqi oil". The war cost over a trillian dollars so far, terrible!

[ShaE]

well thats what Donald Rumsfeld said 5 years ago, "the war will be paid for by Iraqi oil". The war cost over a trillian dollars so far, terrible!

he should be locked up on account of gross infuckingcompetence.
apparently he thought funding and a post-war plan were things he needn't be concerned about

i don't think iraq should have to pay back what we spent on the war, they didn't ask us to come there and invade, they're not responsible for our retarded spending and our administration's stupid decision to start a war. we're stuck w/ it.

[JustLikeHeaven]

well thats what Donald Rumsfeld said 5 years ago, "the war will be paid for by Iraqi oil". The war cost over a trillian dollars so far, terrible!

WOW..sickening!

[ShaE]

WOW..sickening!

isn't it nice we put ourselves in the economic shithouse to "help" iraq, raising the price of oil in the process, funneling billions into the pockets of nations in the region we're claming wants our head on a platter?

hmm. that was bright lol
we fought terrorism by wiping out our cash, funding the terrorists, and setting our newly invaded iraq up with a nifty nest egg.

[JustLikeHeaven]

isn't it nice we put ourselves in the economic shithouse to "help" iraq, raising the price of oil in the process, funneling billions into the pockets of nations in the region we're claming wants our head on a platter?

hmm. that was bright lol
we fought terrorism by wiping out our cash, funding the terrorists, and setting our newly invaded iraq up with a nifty nest egg.

Seriously, I can't even fathom how McCain still has the amount of support that he does considering his plans for Iraq...haven't we learned anything these past 7 yrs

Iraq should pay back every darned cent we spent on them in this stupid war with this oil.

This I can't reason with...why? They don't even want us there!!

[jameznyhc]

[QUOTE=JustLikeHeaven;2538085]

Seriously, I can't even fathom how McCain still has the amount of support that he does considering his plans for Iraq...haven't we learned anything these past 7 yrs

Simple McCain was 100% right about the surge and how to WIN a war he pushed for petraus .. not runaway in defeat .. Kerry was rejected by the american people in 04 ..just as Obama will be in 08 ..

This is why McCain ratings are 30 points higher than Bush's

This I can't reason with...why? They don't even want us there

then why hasnt maliki kicked us out? or set a timetable?? ..lol mre lies to discredit america... he also gave mostly american oil companies the contracts..why is that?? ..secondly we are coming home lol ..troops are leaving not being increased ..we'll see more reductions also because they now have met 15 out of 18 benchmarks ..they never could have met those with out the surge to stop the violence

[ShaE]

so wait, it's ok mccain was wrong about the war b/c he was right about the surge? lol that's supposed to inspire confidence in judgment?

[JustLikeHeaven]

Simple McCain was 100% right about the surge and how to WIN a war he pushed for petraus .. not runaway in defeat .. Kerry was rejected by the american people in 04 ..just as Obama will be in 08 ..

This is why McCain ratings are 30 points higher than Bush's




then why hasnt maliki kicked us out? or set a timetable?? ..lol mre lies to discredit america... he also gave mostly american oil companies the contracts..why is that?? ..secondly we are coming home lol ..troops are leaving not being increased ..we'll see more reductions also because they now have met 15 out of 18 benchmarks ..they never could have met those with out the surge to stop the violence

Lol. U are the only one who thinks we WON

[jameznyhc]

Lol. U are the only one who thinks we WON

you may have oppossed tthe war but we won on 4 fronts

1)defeating Sadaams baathists in 3 days

2)preventing a terrorist haven run by either Iran or Al Qaeda

3)provided the peace so the benchmarks could be met

4)the iraqi people embraced democracy by voting in larger numbers than even americans do

5)prevented a civil war


so yeah we met all our goals .. a free stable iraq is what bush was aiming for after we beat the iraqis

[jameznyhc]

so wait, it's ok mccain was wrong about the war b/c he was right about the surge? lol that's supposed to inspire confidence in judgment?

depends if you felt Sadaam was a real threat at the time .. 85% of americans and 98% of congress believed so

[ShaE]

depends if you felt Sadaam was a real threat at the time .. 85% of americans and 98% of congress believed so

mmhmmm

[JustLikeHeaven]

depends if you felt Sadaam was a real threat at the time .. 85% of americans and 98% of congress believed so

According to what...hmmm POLLS?

LOL

[jameznyhc]

According to what...hmmm POLLS?

LOL

not just that our intelligence said it was a slam dunk, The dems rushed to vote in oct of 2002 so they looked like hawks for the Nov elections, Also all the foreign intelligence, Not too mention Sadaam bragging he had WMD....just a few factors not even lookin at polls

[ShaE]

According to what...hmmm POLLS?

LOL

lmao good catch

[admin]

you may have oppossed tthe war but we won on 4 fronts

1)defeating Sadaams baathists in 3 days

2)preventing a terrorist haven run by either Iran or Al Qaeda

3)provided the peace so the benchmarks could be met

4)the iraqi people embraced democracy by voting in larger numbers than even americans do

5)prevented a civil war


so yeah we met all our goals .. a free stable iraq is what bush was aiming for after we beat the iraqis

Our goals, I'm sorry, they are not "our goals" they are Bush's goals and "Looney" republican goals, don't put world into 63% of American's that appose this war including me. Civil War would not be in question if we didn't invade that country. You really care that much about Iraqi people? How many of them got blown up? Where is their Demacracy?
We lost more people in Iraq than on 9-11, or wait they dont count cause they are soldiers. Our Economy is in a shit hole. Pakistani secret police are aiding Taliban in Pakistan and Afganistan, plus I'm sure they are hiding Bin Laden. If American people could bring Saddam back, get our trillian dollars back, 3200 American lives (soldiers) back, and our dignigidy, you dont think they would jump on that? I know I would. If we spend 1 trillian in Afganistan instead of Iraq Bin Laden would be caught, Taliban would be eliminated, Iran would not be talking shit, and Colin Powell's legacy would not be destroyed. Btw where are the Weapons Of Mass Destruction?
People that travel the world including Donald Trump(travels the most) said "I can't believe how much hatred towards US now because of the Iraq War". Oh wait James, you don't care what the rest of the World thinks, as long as Iraq has its Demacracy and they are happy.

If you posted that the Iraq war was a mistake, but we have to fix that mistake now I would have more respect for you, but when you post stuff like this and try to justify the war you look like the Looney one, not the Dems. Anyone that leans heavy to one side, either to the far left or far right (such as yourself) in my eyes are Looney. Do a search on my name and Bush, you will see that I was for this war because I was convinced (like most Americans) that Iraq had WMDs, but when those weapons were not found, I was embarrased, angry, and started hating Bush, made US look like such fools.

[JustLikeHeaven]

Our goals, I'm sorry, they are not "our goals" they are Bush's goals and "Looney" republican goals, don't put world into 63% of American's that appose this war including me. Civil War would not be in question if we didn't invade that country. You really care that much about Iraqi people? How many of them got blown up? Where is their Demacracy?
We lost more people in Iraq than on 9-11, or wait they dont count cause they are soldiers. Our Economy is in a shit hole. Pakistani secret police are aiding Taliban in Pakistan and Afganistan, plus I'm sure they are hiding Bin Laden. If American people could bring Saddam back, get our trillian dollars back, 3200 American lives (soldiers) back, and our dignigidy, you dont think they would jump on that? I know I would. If we spend 1 trillian in Afganistan instead of Iraq Bin Laden would be caught, Taliban would be eliminated, Iran would not be talking shit, and Colin Powell's legacy would not be destroyed. Btw where are the Weapons Of Mass Destruction?
People that travel the world including Donald Trump(travels the most) said "I can't believe how much hatred towards US now because of the Iraq War". Oh wait James, you don't care what the rest of the World thinks, as long as Iraq has its Demacracy and they are happy.

If you posted that the Iraq war was a mistake, but we have to fix that mistake now I would have more respect for you, but when you post stuff like this and try to justify the war you look like the Looney one, not the Dems. Anyone that leans heavy to one side, either to the far left or far right (such as yourself) in my eyes are Looney. Do a search on my name and Bush, you will see that I was for this war because I was convinced (like most Americans) that Iraq had WMDs, but when those weapons were not found, I was embarraed, angry, and started hating Bush, made US look like such fools.

See at least u can admit it Dmitry! It really boggles my mind how Jamez still tries to justify the war, and even worse - to say that we "won."

[Benny B]

Our goals, I'm sorry, they are not "our goals" they are Bush's goals and "Looney" republican goals, don't put world into 63% of American's that appose this war including me. Civil War would not be in question if we didn't invade that country. You really care that much about Iraqi people? How many of them got blown up? Where is their Demacracy?
We lost more people in Iraq than on 9-11, or wait they dont count cause they are soldiers. Our Economy is in a shit hole. Pakistani secret police are aiding Taliban in Pakistan and Afganistan, plus I'm sure they are hiding Bin Laden. If American people could bring Saddam back, get our trillian dollars back, 3200 American lives (soldiers) back, and our dignigidy, you dont think they would jump on that? I know I would. If we spend 1 trillian in Afganistan instead of Iraq Bin Laden would be caught, Taliban would be eliminated, Iran would not be talking shit, and Colin Powell's legacy would not be destroyed. Btw where are the Weapons Of Mass Destruction?
People that travel the world including Donald Trump(travels the most) said "I can't believe how much hatred towards US now because of the Iraq War". Oh wait James, you don't care what the rest of the World thinks, as long as Iraq has its Demacracy and they are happy.

If you posted that the Iraq war was a mistake, but we have to fix that mistake now I would have more respect for you, but when you post stuff like this and try to justify the war you look like the Looney one, not the Dems. Anyone that leans heavy to one side, either to the far left or far right (such as yourself) in my eyes are Looney. Do a search on my name and Bush, you will see that I was for this war because I was convinced (like most Americans) that Iraq had WMDs, but when those weapons were not found, I was embarraed, angry, and started hating Bush, made US look like such fools.

whatup dmitry... ok.. first off. do i agree with the war in iraq.. absolutely... do i think this world is a better place without sadamm not a doubt in my mind. do i think the war was executed wrong.. ABSOLUTELY!!! do i think the money is being spent carelessly NO DOUBT. this war there is things I agree with things i dont agree with..

with your statement.. of.. you supported the war to begin with... but now you dont...

ok with that said.. its easy to say that as hindsight is 20/20. since you were for the war to begin with do you suggest because it didnt go to plan that we just leave?? the old saying is if you break it you fix it.. me personally the biggest issue i had was that bush went with donal rumsfeld instead of using the powell doctrine. i really think that if they went with colin powell's plan we wouldnt have gone the route we did. the surge even liberal media companies all say "the surge worked"

as for the wmd's that everyone is all up in arms about.. first off. if they can hide a fighter jet in the sand do you think they can hide anything else??? second off read the book "sadamms secrets" gives another poiint of view on that issue. third.. wmd's was just one of many reasons we went. was sadamm not himself saying he had them???