With oil prices sky high and Iraq awash with oil, it was always a matter of time until they could begin producing and exporting oil. The export pipeline to Turkey went online in the past six months, and Iraq is now on track to earn $70 billion in oil revenues this year. That is more than enough for Iraq to pay for its own reconstruction, according to Stewart Bowen, Special Inspector General for Iraq Reconstruction, in an interview this morning on American Public Media’s Marketplace.
It’s at least enough to pay for its own reconstruction. It has the third largest oil reserves in the world. It is a wealthy country.
Capitol Hill is now considering the President’s $108 funding proposal for Iraq, but a number of lawmakers are not buying it. Senator Nelson of Nebraska says:
They’re generating a suprlus at a time when … we’re generating a deficit.
Any future reconstruction money for Iraq would be in the form of a loan.
If they can pay their own way in this, why shouldn’t they?
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