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NEW GAO TESTIMONY PAINTS A VERY BLEAK PICTURE OF IRAQ OIL
July 18, 2007 3:45 PM
The GAO testified before a House committee Wednesday:
"Despite 4 YEARS of efforts and $2.7 BILLION in u.s. reconstruction funds, Iraqi oil output has consistently fallen below U.S. program goals. In addition the STATE DEPARTMENT'S DATA on Iraq's oil production MAY BE OVERSTATED since data from the U.S. DEPARTMENT OF ENERGY SHOW LOWER PRODUCTION LEVELS---BETWEEN 100,000 and 300,000 BARRELS LESS PER DAY." The Gao says "INADEQUATE METERING, RE-INJECTION, CORRUPTION, THEFT and SABOTAGE account for the discrepancy, which amounts to about $1.8 to $5.5 BILLION PER YEAR."
"Moreover, Iraq's needs are significant and future funding for the oil sector is uncertain as NEARLY 80% of U.S. FUNDS for the oil sector have been spent. IRAQ'S CONTRIBUTION HAS BEEN MINIMAL with government spending LESS THAN 3% of the $3.5 BILLION IT APPROVED FOR OIL RECONSTRUCTION PROJECTS IN 2006."
"IRAQ has yet to enact and implement HYDROCARBON LEGISLATION that defines the distribution of oil revenues and the rights of foreign investors. UNTIL THIS LEGISLATION IS ENACTED and IMPLEMENTED it will be DIFFICULT FOR IRAQ TO ATTRACT THE BILLIONS OF DOLLARS IN FOREIGN INVESTMENTS IT NEEDS TO MODERNIZE THE SEGMENT. As of July 13, 2007 Iraq's cabinet has approved only ONE of FOUR separate but interrelated pieces of legislation...another part is in draft form and TWO OTHERS ARE NOT YET DRAFTED. POOR SECURITY, CORRUPTION and a LACK OF NATIONAL UNITY will likely impede the implementation of this legislation."
July 18, 2007 in Congress | Permalink | User Comments (1)
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I can't believe that with all the good that we've done the Iraqi people - what with destroying their infrastructure and killing a few hundred thousand of them, they don't have the decency to allow us to pump our oil out from under their sand. How ungratefully of them.
If they don't start becoming more gratefull, I suggest we just pack up and leave and let them rebuild their country. We can always pump out our oil later.
Posted by: Tammy Stickers | Jul 25, 2007 1:25:00 PM
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