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News What is happening to the Iraqi oil money?

  1. May 3, 2006 #1

    Ivan Seeking

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    I was wondering about this and haven't had the chance to look into it. Who is getting the money from the Iraqi oil sold? They are supposed to be at ~50% of pre-war production levels. And who is monitoring oil production and sales?
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  3. May 4, 2006 #2
    Last edited by a moderator: May 4, 2006
  4. May 4, 2006 #3

    Ivan Seeking

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    Thanks for the link.

    I wasn't implying anything other than I've heard nothing about it. I have heard how far behind schedule things are and such, but nothing about how the money is managed. The article linked does make one wonder if the oil money is going into a black hole. If we can't control spending here, what do you suppose the state of affairs is in Iraq?
  5. May 5, 2006 #4
    I heard someone say that the US stands to lose money financially form Iraq, anybody know if this is an accurate assertion?

    But more important to me is whether Iraq will gain stability from it's oil economically. If it does and the whole area doesn't go off on one, then the US will have at least some cold comfort from the war.
  6. May 5, 2006 #5


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    Of course: the US cannot use Iraqi money for our rebuilding efforts, much less to finance the war. That's from a law passed shortly after the invasion (which, frankly, I am against).
  7. May 5, 2006 #6


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    The black hole of graft and corruption is old news. For example, here is an article from last year:


    Rather than try to find solutions to this problem along with so many other, overwhelming problems, Americans have reached a point where they just want to leave Iraq altogether.

    I'm not sure what law you are referring to, but I do know oil is to remain nationalized regardless of assistance from American oil companies. If Iraq has been left to manage the revenues by themselves, I agree this is a mistake, though I don't know who I would feel confidence in. Here is a more recent article to that end:


    If Iraq can't get its act together and take control of these revenues (20 billion + in 2005), why should American tax payers foot the bill to rebuild? Especially when we are feeling pain because of the price of oil for our needs.
    Last edited: May 5, 2006
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