Iraq’s $79-Billion Windfall
Posted on Aug 5, 2008
A congressional report has found that the Iraqi government will soon have a $79-billion surplus, thanks to the record price of oil. It’s a figure that will surely raise eyebrows as the U.S. shells out an additional $48 billion for reconstruction, but the situation, like all things involving billions and bombs, is a lot more complicated.
For one thing, it’s a bit rude to shock and awe a country, funnel billions in reconstruction funds to corporate cronies that suck at reconstructing things, and then demand that those ingrates we’ve occupied start paying their share.
But the unspent billions, some of which is gathering dust in New York, speaks to an arrangement that doesn’t seem to be working for anybody.
New York Times:
The soaring price of oil will leave the Iraqi government with a cumulative budget surplus of as much as $79 billion by year’s end an American federal oversight agency has concluded in an analysis released on Tuesday.
The unspent windfall, which covers surpluses from oil sales from 2005 through 2008, appears likely to put an uncomfortable new focus on the approximately $48 billion in American taxpayer money devoted to rebuilding Iraq since the American-led invasion.
Over all, the report from the Government Accountability Office estimates, Iraqi oil revenue from 2005 through the end of this year will amount to at least $156 billion. And in an odd financial twist, large amounts of the surplus money is sitting in an American bank in New York—nearly $10 billion at the end of 2007, with more expected this year, when the accountability office estimates a skyrocketing surplus.
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By knute, August 6, 2008 at 1:02 pm #
(Unregistered commenter)
These excess profits in Iraq are just fine according to our administration. They will continue to spend our nation’s wealth even though the Iraqi’s have this money. They are following the mantra of their economic guru Grover Norquist. Depleting the treasurey of America to reduce the goverment to a point it can’t bother the millionaires. The middle class and poor ? who cares. There are atleast two common denominators amongst most all card carrying members of what the republican party has become since Ronald Reagan. They go to church every sunday to clense away the weeks sins and a complete lack of empathy for all who need the help and protection of a goverment that cares about all its people. In other words the exact opposite of the teachings of the guy they go to church to pretend they follow. This is not a democracy anymore, hasn’t been for awhile….Its called a Plutocracy.
Report thisBy history repeats, August 6, 2008 at 9:14 am #
(Unregistered commenter)
how about we nationalize our oil?!?!? when are the people going to matter? the majority of the people in this country,if they were aware of all the facts, would revolt against these corporations with their comedy commercials to make them seem like there funny and nice. hey did anybody see the new exxonmobil commercial with the stereo-typical liberal talking about how exxonmobil cares about the enviornment? its so sad….we think we are sooo civilized because we have supermarkets but its amazing how many people are just trapped in the system.
Report thisBy hippy pam, August 6, 2008 at 8:33 am #
My Stand Has ALWAYS BEEN THAT AMERICANS SHOULD NOT BE THERE-SHOULD NOT HAVE GONE THERE-AND SHOULD LEAVE THERE NOW[since we DID INVADE THEM]-AND THAT “BULLSH*T” AND “CHAIN-ME” should be HELD ACCOUNTABLE-IN A LEGAL TRIAL for their LIES,MISDIRECTION and ANY OTHER CRIMES[real and/or imagined] COMMITTED BY THEM AND ANY OF THEIR CRONIES[i.e. condom-sleaza…rove…de-slay…..and so on and so on…..
Report thisBy BlueEagle, August 6, 2008 at 3:17 am #
This article is a joke. The US occupies Iraq. For all intent and purpose, Iraq is part of the US. “Iraqi profits” are just US profits or monies that oil companies are profiting off Iraqi oil. “...large amounts of the surplus money is sitting in an American bank in New York.”
The oil companies and their security force, namely the US military, are never going to leave Iraq.
Report thisBy Dar, August 5, 2008 at 9:49 pm #
(Unregistered commenter)
hippy pam:
Sounds to me like THEY NO LONGER NEED AMERICAN ASSISTANCE[they only need our people to act as cannon fodder].........pull our troops out NOW!!LET THEM HANDLE THEIR OWN COUNTRIES PROBLEMS…...
I think you missed the part in the article where it says:
——“For one thing, its a bit rude to shock and awe a country, funnel billions in reconstruction funds to corporate cronies that suck at reconstructing things, and then demand that those ingrates weve occupied start paying their share.”——
They didn’t ask to be invaded and have their country ruined.
Report thisBy steven daniel, August 5, 2008 at 7:51 pm #
(Unregistered commenter)
Manson prosecutor Vincent Bugliosi is calling for the prosecution of Bush et alia for murder, noting that many lib.-progressive commentators point out how Bush defrauded the U.S. and Congress, then stop. (They don’t call for anything more than his removal from office.) But if Bush were to pay with either his life or liberty for what he did to the Iraqi people—30,000 to more than a 100,000 casualties (some even say, more than a million) would that be enough? To worry about the Iraqi gov. getting all these billions while our oil companies get off scot free is to miss the point. The only real justice- solution is for us to nationalize several or all of them. (It would solve our deficit problem.) If poor little Mexico could do this in 1938, why can’t we? It would certainly end their domination of a political debate that can’t get beyond $25 tire gauges
Report thisBy hippy pam, August 5, 2008 at 7:07 pm #
Sounds to me like THEY NO LONGER NEED AMERICAN ASSISTANCE[they only need our people to act as cannon fodder].........pull our troops out NOW!!LET THEM HANDLE THEIR OWN COUNTRIES PROBLEMS…...
Report thisBy Fadel Abdallah, August 5, 2008 at 6:46 pm #
This report, if it’s true, will be used by opportunistic politicians with different agendas to further their claims and strategies one way or another. However, whichever way this report will be conceived and analyzed, it will continue to be a football in the game of booty distribution of the spoils of the Iraqi war!
Report thisBy Alan, August 5, 2008 at 6:01 pm #
(Unregistered commenter)
Definitely, make those Iraqis pay up. Not one
Report thispenny for tribute mind you, just 50 or so billions
paid to Bechtel and Blackwater and some other
contractors who will in turn send Bush’s billion or
so skim to him so he can buy a big rancho in
Paraguay. Bush in Asuncion: “Come on down!
Check out mi rancho. Look ma, I’m speakin’
Spanish.” Not seen since Cecile B. DeMille,
never an epic story so grand!
The Exodus of George Bush in Cinerama and
KleptoColor.