Word: oil
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...Iraq Windfall Profits in Iraq? Thanks to soaring oil revenues, Iraq could have a cumulative budget surplus of $79 billion by the end of the year, the Government Accountability Office reported. And yet, of the $67 billion the Iraqi government spent from 2005 to 2007, just 1% went toward infrastructure projects. Senators Carl Levin and John Warner, who requested the report, expressed outrage at Iraq's weak spending record; U.S. taxpayers have spent $48 billion on Iraq reconstruction...
...Oil prices are falling, which could reduce Iraq's income...
...revitalize the city. That kind of talk only compounds the grumpiness of the country's biggest donor: the U.S. government. Washington is increasingly unhappy over the Iraqi government's seeming reluctance to spend funds from its own coffers on reconstruction projects. "Despite Iraq earning billions of dollars in oil revenue in the past five years, U.S. taxpayer money has been the overwhelming source of Iraq reconstruction funds," said Senator John Warner of Virginia, the ranking Republican on the Senate Armed Services Committee. "It is time for the sovereign government of Iraq, using its revenues, expenditures and surpluses, to fully assume...
Warner's statement followed the release of a report by the Government Accountability Office on annual Iraqi oil revenues and Iraqi government spending on security and reconstruction efforts. The report, requested by Warner and Senate Armed Services Committee Chairman Carl Levin of Michigan found that Washington had underwritten $48 billion for stabilization and reconstruction activities in Iraq since invading in 2003. The Iraqi government, meanwhile, grossed an estimated $96 billion in revenues from 2005 to 2007, almost entirely from oil. Between $67 another $79 billion in oil revenues is projected for Iraq in 2008 with prices remaining at record levels...
...tens of billions of dollars at its disposal to fund large-scale reconstruction projects. It is inexcusable for U.S taxpayers to continue to foot the bill for projects the Iraqis are fully capable of funding themselves," said Levin. "We should not be paying for Iraqi projects, while Iraqi oil revenues continue to pile up in the bank including outrageous profits from $4 a gallon gas prices in the U.S. We should require that U.S. taxpayers be reimbursed for the cost of large projects...