Remember when neocon former Defense deputy secretary Paul Wolfowitz famously predicted that Iraq's oil revenue would pay for all the rebuilding of Iraq? The United States still spends more than twice as much on the Iraq war as the Iraqis earn from oil exports in spite of a huge increase in oil prices.
In an interview with Reuters, Hussein al-Shahristani said he expects oil revenue to reach $70 billion this year if crude prices stay high and output flows remain stable.
The country's exports reached 2.11 million barrels a day in March while the total output stood at about 2.5 million barrels a day, spokesman Assem Jihad told The Associated Press.
The Energy Information Administration, part of the U.S. Energy Department, estimated Iraqi production at about 2.6 million barrels a day in early 2003.
Iraq's government claims oil production will go up another 300,000 barrels per day this year. Even then American taxpayers will be paying more for the war than the Iraqi government earns from oil sales. Imagine we had instead spent $150 billion per year on hybrid cars, nuclear power plants, and building insulation. We could import far less oil and have the Middle East matter far less to us.
|Share |||By Randall Parker at 2008 June 02 11:07 PM Mideast Iraq Costs|