Uh, where has Iraq's oil revenue gone? (Billions and billions)

[tuvor]

If you visit BartCop regularly, you know that occasionally he'll post something like this:

Iraq pumps 2,000,000 barrels a day,
(and that was before the 2002 Halliburton Upgrade)
times today's oil price which is $72.88 a barrel
makes $145,760,000 bush stole just yesterday

Do the math: For the sake of argument, assume a paltry $30/barrel of oil (the approximate price when bush invaded Iraq). Multiply that by 2 million barrels and multiply that again by one thousand days.

Who the hell has pocketed that $60 BILLION +, and more distressing, why does no one--except BartCop--seem to care enough to ask?

[valerief]

1. Before Bush, 60 billion seemed like a large number.

Now it's just someone's salary.

[Erika]

3. An oil man's salary

You think it has to do with W and Cheney being oil men? How many ways can DUH be spelled.

[valerief]

5. Here's the long spelling: Condoleeza. n/t

[Erika]

2. Especially when W told us the oil would pay for the war

and its reconstruction costs.

[Fridays Child]

4. The person who gets my vote will need to be asking this question...

...and demanding an answer.

[babylonsister]

6. You'd have to find out exactly how much is pumped a day

in reality. Who's keeping the books?

[valerief]

7. Ken Lay n/t

[babylonsister]

8. Ah! That would explain so much! nt

[evermind]

9. The multinational oil companies? Try this link

Crude Designs:
The Rip-Off of Iraq’s Oil Wealth
By Greg Muttitt

Excecutive summary

While the Iraqi people struggle to define their future amid political chaos and violence, the fate of their most valuable economic asset, oil, is being decided behind closed doors.

This report reveals how an oil policy with origins in the US State Department is on course to be adopted in Iraq, soon after the December [2005] elections, with no public debate and at enormous potential cost. The policy allocates the majority (1) of Iraq’s oilfields – accounting for at least 64% of the country’s oil reserves – for development by multinational oil companies.

Iraqi public opinion is strongly opposed to handing control over oil development to foreign companies. But with the active involvement of the US and British governments a group of powerful Iraqi politicians and technocrats is pushing for a system of long term contracts with foreign oil companies which will be beyond the reach of Iraqi courts, public scrutiny or democratic control.

COSTING IRAQ BILLIONS

Economic projections published here for the first time show that the model of oil development that is being proposed will cost Iraq hundreds of billions of dollars in lost revenue, while providing foreign companies with enormous profits.

(... and quite a lot more!)

*Much* more in the full, detailed report: http://www.globalpolicy.org/security/oil/2005/crudedesigns.htm

(Edit: I found this via http://iraqrevenuewatch.org , BTW)

[tuvor]

14. Thank you! This deserves its own thread.

I'd recommend it. It needs to be discussed.

[shraby]

10. Does that count all the time they were pumping

oil in Iraq without meters on the pumps?

[Tanyah]

11. exactly

George Galloway said that the oil isn't being metered! The absurdity!

[babylonsister]

13. Tanyah, welcome to DU!

:hi:

[HysteryDiagnosis]

12. What would you be doing if Iraqis were over here patrolling

our streets and shipping out our oil?? Amazing no?