Can someone good at numbers help me out here please?

[NNN0LHI]

I have seen written in some places that the actual dollar worth of the oil in Iraq is somewhere around $10 Trillion dollars if sold at $50 dollars a barrel.

There are about 25 million Iraqis. If every single Iraqi received an equal share of $10 Trillion dollars how much money would each Iraqi receive?

Thanks in advance if anyone knows.

Also I see in Alaska each resident received about $800 dollars per citizen from a fund set up from oil revenues. Which is fine with me by the way. I don't begrudge them at all. I wish they got more.

But just out of curiosity what would it cost in actual US dollars to pay out to 25 million Iraqis say a grand a year each to make them feel like they were getting something out of the deal? Are we talking real money here or are we talking chump change in the grand scheme of things?

Don

[ChairmanAgnostic]

1. 2.35 gazillion each. before the Haliburton tax.

remember that they HAVE to have their cut, otherwise Cheney will be very upset.

[NNN0LHI]

3. Thats the same answer I got. Your not good at numbers either huh? n/t

[ChairmanAgnostic]

5. Hey, I have a slide rule that I still use. That pesky decimal point is

problematic, though.

[tk2kewl]

2. 400Gs

[NNN0LHI]

6. That would have every man, woman and child in Iraq living large n/t

[Kenroy]

4. $400,000

[wakeme2008]

8. double checked correct

trillion = 12 zeros :)

[Kenroy]

12. yes, but

ten trillion has 13 zeros! :)

[sinkingfeeling]

7. $40000 a piece

[bananas]

9. $400,000 / Iraqi

A trillion is a thousand billion, or a million million
So $10 trillion / 25 million Iraqis = $10 million million / 25 million Iraqis
= $10 million / 25 Iraqis
= $1/2.5 million / Iraqi
= $0.4 million / Iraqi
= $400,000 / Iraqi

[richabk]

10. Here's your answer...

The 25M Iraqis would each get $400K.

If each Iraqi got $1K year, that would be $25B a year.

[DLnyc]

11. I'll try.

Note that a billion (in US nomemnclature--British is different) is 1000 million and a trillion is 1000 billion. Thus:

25 milllion goes into a billion 40 times; it goes into a trillion 40,000 times, and into 10 trillion 400,000 times. So each Iraqi would receive $400,000, if $10 trillion were divided equally among 25 million Iraqis.

Paying out $1,000 per year to each of 25 million Iraqis would cost $25 billion a year.

I'm pretty sure this is accurate, but perhaps someone else can double check it.

Don't know what making Iraq into a military base for the neocon's is costing, but I think it's quite a bit more than $25 billlion a year. Of course Exxon/Mobil/BP etc. don't pick up that tab . . . the US taxpayers (and their children) do.

[acmejack]

14. The largess of our children is amazing.

This group of scoundrels should be indicted & jailed for defrauding our kids.

[Mnemosyne]

13. At $1000 each the US would need to pay

$25,000,000,000 bln out per year for 40 years and it would only cost one trillion. Only, ha. Unless there's some new math I am missing, that's a bunch of cash that the Iraqis should have control of, not the other way around. And to toss them some small amount of cash would be an insult to their sovereignty. Or what used to be.

Chump change, imo.

And why should Helliburton, et al, make a huge fortune off Iraqi oil and not Iraq? Using that figure divided between 25 million people the $400,000 each would be for only one year.

Anyone correct me if I'm wrong.

Hope I helped.

[DemInDistress]

15. The Bush Crime Family's Pentagon Branch

Where Halliburton and the thieves from Rumsfeld's gang have dominated
the sale of Iraqi oil.They reported 1.5 billion bbls/2 billion sold
since the invasion.Shouldn't there be at least 60/90 billion dollars
from those sales? Show me the money.!! Iraq by their accounts pumped
over 1.5 billion bbls.that in spite of 260 attacks on the pipelines.
Dan Senor recently said about the missing 9.9 billion Iraqi dollars,"their are corrupt people in the new government,little to no
paperwork,no accountability" but we learned something.We need modern
accounting equiptment and effective employee's.Meanwhile,10 billion
of American taxpayer money has vanished.
After Rita hits Texas the Bush Crime Family will have a serious choice
to make.Support the relief efforts at home-America First..or bleed to
death in Iraq.Katrina,Rita,Iraq,Tax cuts for the filthy rich,it cant be done.Americans wont tolerate any additional cuts in Social Programs.
400k per Iraqi,is that after the trickle down method???

[muriel_volestrangler]

16. The estimates of Iraqi oil reserves vary

According to the Oil and Gas Journal, Iraq contains 115 billion barrels of proven oil reserves, the third largest in the world (behind Saudi Arabia and Canada), concentrated overwhelmingly (65 percent or more) in southern Iraq. Estimates of Iraq's oil reserves and resources vary widely, however, given that only about 10 percent 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 could yield large additional oil resources (possibly another 100 billion barrels or more), but have not been explored. Other analysts, such as the U.S. Geological Survey, are not as optimistic, with median estimates for additional oil reserves closer to 45 billion barrels. In August 2004, Iraqi Oil Minister Ghadban stated that Iraq had "unconfirmed or potential reserves" of 214 billion barrels.

http://www.eia.doe.gov/emeu/cabs/iraq.html

At the lowest 115 billion barrels figure, that's 'only' $5 trillion or so at $50 per barrel.

Another way to look at it, rather than the total value of oil that would take ages to extract, at who knows what cost and selling price, is the rate they can extract it now. From the link above, say they can extract 2 million barrels a day more than they use. At a profit, after extraction costs, of $50 (seems reasonable, since most Middle East oil can be extracted for under $10 - the international price was almost that low a few years ago), that's $100 million a day, for 25 million people, or $4 each. Nearly $1500 per year. Being realistic, you'll have to share the profit with oil companies (they'll have some expertise and specialist equipment that Iraq couldn't produce on its own, especially after sanctions), but $100 per person per year ought to be achievable.

Rather than trying to distribute this to the people, it ought to be doing things like funding schools and hospitals.

[NNN0LHI]

17. Do you like someone telling you how to spend your own money? I don't

>>>Rather than trying to distribute this to the people, it ought to be doing things like funding schools and hospitals.<<<

I doubt very much Iraqis appreciate some westerners telling them how to spend THEIR own money either. Can you blame them? Why would you think they would be any different than you or I? I am confused.

Don

[muriel_volestrangler]

18. But I do think my government ought to spend central income

on things like schools and hospitals. That's spending that benefits the whole country. In fact, I even support my government getting extra money from individuals to support that. You know, like a tax on income. It's a common idea in progressive circles.

It's also quite a practical way of organising government expenditure. You take a revenue that is easy to measure (it's already centralised at oil terminals and refineries), and spend it in institutions under government control. Contrast that with the work of having to know exactly who is where, and distributing the money to them - and then having to fund the schools etc. by the reverse process, working out what their income is exactly, and so on; or the bureacucracy involved in a sales tax.

[NNN0LHI]

19. ..."my" government ought to spend central income

"My" is the operative word here. Sure "your" government can do those things in "your" country. But I am sure you wouldn't want some foreign army invading and occupying your country and dictating to you how your money was spent. See the difference here?

Don

[muriel_volestrangler]

20. I'm only expressing an opinion

In the same way that I might say "Bush ought to resign". It is possible to have opinions on what other countries ought to do. After all, you seemed to be saying they ought to give the money out to individuals (unless you're Iraqi, in which case your objection makes more sense).