Iraqi oil no longer profitable-insurance rates doubled

[underpants]

Richard Engel reported on the Today Show this morning that after the attempted attacks on Saturday the insurance rates for the platform (link below says on tankers) and that Iraqi oil is no longer making a profit.

So that magic Iraqi oil that was supposed to:
Pay off Iraqi debt
Pay to rebuild the Iraqi infrastructure
Pay to rebuilt the Iraqi oil production infrastructure
Make ALL the Iraqis rich and happy and love us
Pay off our military expenses ($1.7 Billion Wolfowitz testified to)
(Did I miss anything that oil was supposed to do?)

Now "it" can't even pay for the expenses to pump and deliver itself. Great.

http://news.ft.com/servlet/ContentServer?pagename=FT.com/StoryFT/FullStory&c=StoryFT&cid=1079420632305

The suicide boat attacks on Iraq's main oil export terminal at the weekend added to pressure on oil prices on Monday, increasing concern about future supplies from Iraq at a time when its oil exports have nearly reached pre-war levels.

The attacks, which killed three US sailors and stopped oil shipments from the terminal for more than a day, raised anxieties for the US-led administration in Iraq and for world oil markets.

Rupert Atkins, an underwriter at Talbot Underwriting, said his company had doubled its insurance rates for oil tankers going to Basra. Talbot is now charging 0.5 per cent of the value of an oil tanker. New tankers are worth about $20m (€17m, £11m).

[Jacobin]

1. My calculations:

2 million bbls/day times $35/bbl equals $70 million dollars per day times 365 days in a year: .....ta ta.......$25.5 billion per year in oil sales from Iraq, gross, without counting any normal cost of production.

And, its only costing us about $160 billion a year to be in Iraq, so, its ANOTHER GREAT GEORGE W. BUSH* OIL DEAL!!!!!!!!!!!!

Let us celebrate. :o)

[underpants]

2. Hey but he finally found at least some oil

Heretofore he never had.

[Jacobin]

3. New cost per barrel of oil in Iraq based on the above is only:

$219.17

Cool.

That would make gasoline, oh, about $12.50 a gallon.

So proud of our glorious leader and his wisdom.