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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?
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).Schrodinger's Dog said:I heard someone say that the US stands to lose money financially form Iraq, anybody know if this is an accurate assertion?
The black hole of graft and corruption is old news. For example, here is an article from last year:Ivan Seeking said: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?
http://www.csmonitor.com/2005/0714/p02s01-woiq.htmlJuly 14, 2005 edition
Why Iraq oil money hasn't fueled rebuilding
Smugglers and thieves are stealing profits from oil even as insurgents work to keep the nation unstable.
By Howard LaFranchi | Staff writer of The Christian Science Monitor
WASHINGTON – First, the good news: With oil prices at record highs, Iraq is on track to bring in $20 billion or more in oil revenue this year. That may sound like a lot of petrodollars, especially for a war-torn country with tremendous needs in infrastructure repair and services delivery.
But the bad news is that very little, if any, of that money will actually be used in the country's stalled reconstruction - despite past lofty predictions that oil-rich Iraq would be financially self-sufficient by now.
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:russ_watters said: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).
http://news.bbc.co.uk/2/hi/business/4944814.stmTuesday, 25 April 2006
Iraq oil hit by graft and attacks
Iraq's oil industry is being crippled by corruption at a time when insurgents have stepped up attacks on the nation's infrastructure, a report has claimed.
The Oil Ministry's inspector general Ali al-Alaak said graft and smuggling are the main threat to Iraq's economy.
He called on policymakers to better protect infrastructure such as pipelines and catch corrupt officials.
Iraq has the world's third-largest oil reserves and the revenue from its sale is needed to rebuild the country.
The Iraqi oil money is being used for various purposes, such as funding government operations, paying for infrastructure projects, and providing social services for the citizens of Iraq.
The Iraqi government, specifically the Ministry of Oil, is responsible for managing and distributing the country's oil revenues.
In 2020, Iraq's oil revenues totaled $45.7 billion, accounting for approximately 90% of the country's total export earnings.
There have been concerns about corruption and mismanagement of the Iraqi oil money in the past. However, the government has implemented measures to increase transparency and accountability in the use of these funds.
The Iraqi oil money plays a significant role in the country's economy, accounting for a large portion of GDP and government revenue. It also affects the value of the Iraqi dinar and can impact inflation and economic stability.