Iraqi Oil worth 29 trillion (times 10!)

According to the US dept of energy Iraq contains 112 billion barrels of proven oil reserves, the second largest in the world (behind Saudi Arabia) along with roughly 220 billion barrels of probable and possible resources. Iraqâ??s true potential may be far greater than this, however, as the country is relatively unexplored due to years of war and sanctions. Deep oil-bearing formations located mainly in the vast Western Desert region, for instance, could yield large additional oil resources (possibly another 100 billion barrels), but have not been explored.

That makes 432 billion barrels times todays oil price per barrel, 67 dollars - something like 29 trillion dollars

Trillions in oil revenues is not the only money to be made from the invasion of iraq - the cost of the Iraq war to the taxpayerswas is budgeted at over 318 billion dollars . All of the weapons, uniforms, bases, vehicles, fuels, food and its preparation - all are purchased from private corporations. According to the national priorities project, an non proit that analyzes where federal dollars are spent - more than 28 billion of the total will be paid by the people of New York State - that 28 billion is enough to convert 93,743,138 homes to renewable electricity - according to the 2000 census, there were 105,480,101 occupied housinf units in the united states - just the money paid for the Iraq war by the people of New York state in enough to convert around 90 percent of Amwerican homes to renewable energy.

Why times 10?

If a bank uses the oil-reserves as a collateral, it can immediately proceedd to create 290trillion in money-supply.... enough to keep the USA going for a few years.

Guess who owns the import-export-bank in Iraq? USA.

Nice one

Thanks for this, it's good to put figures to the motive for going to war. I wonder how much individuals in the administration stand to gain financially, once they have left office.... of course...

And also those behind the scenes, that were never in office....

It really is disgusting, this greed without limits that seems to envelop the deeply corrupt individuals in power....


Oil's price goes up as it becomes more scarce. So it's worth WAY more than that.

does it?

Oil's price goes up as it becomes more scarce.

does it? or are we just told that it's scarce so that the price can go up? - oh well it amounts to the same either way.

good blog U2R2H!

Rumors of Iraq's oil potential have been greatly exaggerated

The 112 billion barrels in "proven" reserves is highly suspect, as are the proven reserves for the rest of the OPEC nations. The 220 bbl in "probable" and "possible" reserves is even less credible. The "years of wars and sanctions" in Iraq happened long after the wave of oil discovery, which peaked globally in the 1960s.

The highest production rate Iraq has ever achieved was around 3.7 mbpd in 1979 and is now fighting to break 2 mbpd.

Anyone who thinks they know anything about oil must see The End of Suburbia or read Powerdown by Richard Heinberg, Hubbert's Peak by Ken Deffeyes or, since you're already -- presumably -- a 9/11 truther, Crossing the Rubicon by Michael Ruppert.

Oil Sands are the 2nd "largest" search: "oil sands": when you get to the results click on "full archive"... Oil is such a limited resource: I hope more thought and ingenuity will be used on bio-compatable alternative energy... soon, before we are glowing in the dark.

FUELING AMERICA - OIL'S DIRTY FUTURE - Canadian oil sands: Vast reserves second to Saudi Arabia will keep America moving, but at a steep environmental cost
Robert Collier, San Francisco Chronicle, 05/22/05
At the end of a long northern highway, surrounded by a flat horizon of spruce forest and muskeg swamp, lies the energy future of the United States: the largest known petroleum deposit in the world outside Saudi Arabia. This future isn't a pretty sight...

FUELING AMERICA/China moves fast to claim oil sands /Although Chinese holdings in Alberta are still small, they are a foothold on the North American continent as the U.S. rival seeks to develop energy sources worldwide to boost its rapidly growing economy
Robert Collier, San Francisco Chronicle, 05/22/05
If Americans think the oil sands bonanza in their northern backyard will solely benefit the United States, they may be surprised. Chinese officials are making fast inroads into Alberta, snapping up petroleum deals with the skill of Texas oilmen. While the...

FUELING AMERICA: Canadian oil sands - Life in a boomtown
San Francisco Chronicle, 05/22/05
Fort McMurray, below, a northern outpost of 56,000 in Canada's Alberta province, has boomed since it became economically viable to mine oil sands in the region. Despite the billions of dollars to be made from the vast deposits, mining interests are having...

Also supports Palast theory

These facts also support the argument popularized by Greg Palast that the objective of the war was not so much to gain access to the oil itself, but to control the release of the oil to the market, and thus manipulate (keep high) the price of oil from other oil-producing countries.

The upside to this is that it makes Venezuelan oil more profitable (since it is more expensive to access) resulting in a big petroleum bonanza for that country, which Chavez seems to be pretty shrewd about using.