Why are we paying so much for Iraq? They've got the 2nd(or 1st) most oil

[kuozzman]

reserves in the whole damn world!?

This is from the Dept. of Energy website:
(Note: Saudis have most w/260B barrels of proven oil reserves)
"Iraq contains 115 billion barrels of proven oil reserves, the third largest in the world (behind Saudi Arabia and Canada). Estimates of Iraq's oil reserves and resources vary widely, however, given that ONLY 10% OR SO OF THE COUNTRY HAS BEEN EXPLORED. Some analysts (the Baker Institute, Center for Global Energy Studies, the Federation of American Scientists, etc.) believe, for instance, that deep oil-bearing formations located mainly in the vast Western Desert region, for instance, could yield large additional oil resources (possibly another 100 billion barrels or more), but have not been explored. Other analysts, such as the US Geological Survey, are not as optimistic, with median estimates for additional oil reserves closer to 45 billion barrels."

[freedom_to_read]

1. that's a question that answers itself!

WE pay to "bring democracy" to Iraq.

Then Bushco gets control of the oil and takes the money for themselves.

[Justyce]

2. And now that we've "liberated" them, or taken control

of the country, why has our oil skyrocketed? Now that he has our troops guarding the oil over there & we've pretty much taken over, shouldn't oil prices have gone DOWN instead of UP?

[cassiepriam]

3. It is called double dipping.....

Bushco will rob the American taxpayer, then rob the iraqis......

[City of Mills]

8. That's where the Bush Tax Cuts come in

Give idiots a tax cut so they can spend at Walmart and Home Depot, who in turn donate money to the Rethugs.

[lectrobyte]

4. Just because there is oil in the ground...

doesn't mean that production is up. I thought they had problems with pipelines being damaged and refineries that were looted. Seems like I recall their oil production being at 5% of pre-2003 levels, which were not that high to start with.

[natrat]

5. i would assume that given the level of corruption w/ this group

they have skimmed heavily off the top

[cassiepriam]

9. off the top???

They have taken it all: top, bottom, middle..........

[arcos]

6. You broke it, you bought it..... n/t

[Zynx]

7. Oil revenues for Iraq are insignificant next to war costs.

The COUNTRY has a GDP estimated at $37.92 billion. That's *everything*.

War costs are running over $50 billion/a year for occupation, not including the up front cost of fighting the war.