Senators Demand Audit Of Iraq Oil Revenue

After U.S. Invests Billions In Reconstruction, GAO Asked To Investigate Where Revenues Have Gone

(AP)  The Democratic chairman and Republican former chairman of the Senate Armed Services Committee have asked U.S. government auditors to determine what Iraq is doing with the billions of dollars in oil revenue it generates.

"We believe that it has been overwhelmingly U.S. taxpayer money that has funded Iraq reconstruction over the last five years, despite Iraq earnings billions of dollars in oil revenue over that time period that have ended up in non-Iraqi banks," Sens. Carl Levin, a Democrat, and John Warner, a Republican, said Friday in a letter to the head of the U.S. Government Accountability Office.

"At the same time, our conversations with both Iraqis and Americans during our frequent visits to Iraq, as well as official government and unofficial media reports, have convinced us that the Iraqi government is not doing nearly enough to provide essential services and improve the quality of life of its citizens," they said.

The senators estimated that Iraq will realize "at least $100 billion in oil revenues in 2007 and 2008."

They asked specifically that the GAO determine:

• Estimated oil revenues from 2003-2007.
  
  
• How much the U.S. and Iraq each have spent annually during that period on training, equipping and supporting Iraqi security forces as well as reconstruction, governance and economic development.
  
  
• Projected oil revenue and spending for 2008.
  
  
• The amount of unspent revenue from 2003 to 2007 and the expected estimate at the end of 2008.
  
  
• How much money the Iraqi government has deposited and in which banks.
  
  
• Why the Iraq government has not spent more of its oil revenue on its own country.

The GAO concluded in a January report that the Bush administration used questionable financial data to assert that the Baghdad government was making progress in managing its budget.

The study focused specifically on whether Iraqis were spending money for infrastructure needed to boost the country's lagging economic growth and to improve poor public services.

The administration reported in September that Iraq's central government ministries had spent 24 percent of their 2007 capital projects budget as of July 15, 2007. "This report is not consistent with Iraq's official expenditure reports," which show that the central ministries had spent only 4.4 percent of their investment budget as of August, the GAO said. It said capital projects are 90 percent of Iraq's investment budget.

The benchmark report submitted by the administration was ordered by Congress to measure Baghdad's progress in 18 areas including political and economic activities. It was aimed at judging whether Iraqis were working hard enough at reconciliation and other issues to warrant continued American support.

Iraqis have been slow to execute their capital budgets partly because violence and sectarian strife have reduced the number of contractors willing to bid on projects, the GAO said in January. Also, their procurement and accounting systems are weak and many professionals and skilled workers have fled the country, the GAO report noted.

The January report recommended that the Treasury Department work to improve its "ability to report accurate and reliable expenditure data from the ministries and provinces" in Iraq.

[omega39-2009]

the Bush administration used questionable financial data to assert that the Baghdad government was making progress in managing its budget.

It works over here, why not over there.

[bozworth4]

King George II saga continues. No surprises here.

[cattlekate]

"We believe that it has been overwhelmingly U.S. taxpayer money that has funded Iraq reconstruction over the last five years, despite Iraq earnings billions of dollars in oil revenue over that time period that have ended up in non-Iraqi banks,"

Two questions for CBS:

Have those PSAs been signed? And what is the ratio of profits for Exxon, BP, Chevron, et al, versus profits for Iraq, and;

Was there some kind of deal with Iraq that if we went in and blew the place up, Iraq would have to pay for fixing the destruction we caused?

[DiMcSwan]

Please sign the petition to have Florida and Michigan''s votes counted as they stand. Everyone''s vote should count regardless of your party affiliation or for whom your vote was cast. This is America.

It only takes a minute of your time. Anyone can sign the petition. Thank you.

http://www.ipetitions.com/petition/seatourdelegates/

[singingrick]

Remember when Republicons were telling us that Iraq''s oil revenues would pay for reconstruction?

I don''t know where the oil revenues have gone but I''m sure that a lot of Republicans are getting filthy rich off of it.

[shanev137]

$100 says the money trail leads back to the Carlyle group and Big Oil.

[gods_justice]

Senators Demand Audit Of Iraq Oil Revenue

[ontheleft]

Billions of dollars in oil revenue and the Iraqis have nothing to show for it. Iraq is still paying off millions in war reparations to Kuwait and this is partly where all that oil money is going to.

People are getting a few hours of electricity a day and they are years away from being able to provide as much electricity as there was under Saddam. Fuel is in short supply, and this is a country with the 2nd largest oil reserves.

At the rate the Iraqis are making ''progress'' they should have their act together in 100 years.

[tbweb]

Paul Wolfowitz told us the oil would pay for the war.
Even after that was exposed as a huge lie, ...

Posted by ainttaken at 11:45 AM : Mar 09, 2008,,,

It does not have to remain a lie, Iraq oil money can still pay for the War "retroactively", we know the exact amount spent from the U.S. Treasury on the Iraq War with U.S. Taxpayer dollars. Its also a great question long overdue, where is the Iraq oil money going? I have been saying from the very beginning that Iraq should be footing the bill especially since Iraq wants the U.S. there, and since the U.S. presence is requested Iraq should pay for it not U.S. Taxpayers! Iraq could also ease the price of oil in the U.S. by pumping and directing more of its oil to the U.S. as a form of payment and help get U.S. oil prices at the pump back below $3 a gallon.

[samrensho]

These senators just want to know where their cut is. The poor babies feel left out.

[cast_outfear]

This revenue can help in other areas of our economy.

[downtowner97]

When you rob the gas station, you don''t expect to have to hang around and repaint it. This just isn''t right.

[gkc99]

Look in Dik Cheney''s and George Bushit''s offshore bank accounts for the missing money.

[gkc99]

Waterboard Darth Chickenshit until he tells what KBR did with the money!

[perfect_love]

Lets use the extra revenue for new fuel sources!

[zootallures2]

Are they going to include Kuwait''s cross drilling?

[joyous88]

cheney, bush, bolten, check their bank accounts for this money

conservative republicans should all be in prison for treason

[anonbene]

Remember! 60 Minutes did a segment on how the CEO of Haliburton moved his office to the Caymans. Doesn''t take a genius to figure out why, does it? Anyone want to bet that BILLIONS AND BILLIONS of dollars are in bank accounts on the same island as that CEO with names like Bush and Cheney and Bremmer on them? Remember Paul Bremmer "lost" $9 Billion Dollars of our money in 2 or 3 months when he was dictator of Iraq? Why anyone still thinks these men are any better than the thieves, liars and war criminals that they are is beyond me. Impeach them or better yet just rendition them.

[ceethomas]

Joyous88 said: "cheney, bush, bolten, check their bank accounts for this money."

Very good! And might we add Perle and Wolfowitz to the list of crooks? They deserve to be on the scum list.

[anonbene]

This just in, Response from The White House regarding the Senates "demand" for accounting, hahahahhahaahahahahahahahahahahahahahhahahahhahaah, Senate who? hahahahahaahhahahhaahahhaah

[zootallures2]

their procurement and accounting systems are weak and many professionals and skilled workers have fled the country.

Sounds like US and A. Gee, I hope they didn''t move to Venezuela or Iran....

[marcosis78]

Go figure...glad to hear the government is doing something about it *insert rolling eyes here*

[cattlekate]

Are they going to include Kuwait''''s cross drilling?
Posted by zootallures2 at 01:02 PM : Mar 09, 2008

Don''t tell me that is still going on!

[secundus2]

This is certainly worth an investigation, but the real up-to-date story out of Iraq is the fact that there has been only one US casualty between 2/25 and 3/8. That is probably a mortality rate too good to continue, but the gradual lowering of US casualties since last May-June is one of the bases for a successful end of the war and a combined redeployment and withdrawal, and it is something that doesn''t depend on the politicians'' campaign-promises.

[vastr-wcon]

.
Missing Iraq oil revenue?
Check Cheney''s Swiss bank account.

.

[jn122736]

This is certainly worth an investigation, but the real up-to-date story out of Iraq is the fact that there has been only one US casualty between 2/25 and 3/8. That is probably a mortality rate too good to continue, but the gradual lowering of US casualties since last May-June is one of the bases for a successful end of the war and a combined redeployment and withdrawal, and it is something that doesn''''t depend on the politicians'''' campaign-promises.
Posted by secundus2 at 02:46 PM : Mar 09, 2008
~~~~~~~~~~~~~~~~

We hear every day about how the "surge" is working. what we dont hear/know is how much are the troops actually being deployed/exposed now as compared to pre-surge deployment/exposure.

[andrew_693]

This will be the biggest robbery in mankind. Bush swindled the naive half of a country, destroyed another almost completely, they are still finding mass graves and they will keep finding more, we have an army of dishonorable murderers running free and sponsored by the NRA, the KKK and other friendly neighborhood groups that provide criminals with weapons amongst other great things they sponsor and stand for. Saddam looks as nice as jesus now thanks to god squad that runs the US.

[prairiefox1]

IRAQ HAD BETTER START PAYING THE US BACK FOR ALL EXPENSE INCURRED OR WE WILL PULL OUT AND WHEN WE NEED TO RETURN THE SHINY SPECKS UP IN THE AIR WILL BE OUR BOMBERS SALVOING THEIR BOMB LOADS!

[oldabeeagle]

It is perfectly OK for traitor GW Bush to kiss and dance with the King of Saudia Arabia and beg for more oil. Where did the 9/11 terrorists come from? Where is Osama Bin Laden from? Where do they get their money? SAUDI ARABIA? Where does the Taliban get their money? Where does Ahmadenijad get his money? $4 a gallon gas?

[callun2jesus]

Accountability at last!

[walt1944-2009]

Congress has asked the GAO to investigate where all the money has gone that USSA taxpayers (and China!)have funded in reconstruction in Iraq and what is happening with all the money that VP Darth Vader Cheney said would be generated by oil revenues back in 2002.

One place it definitely is NOT GOING is to the Iraqi people to help them put their lives back in order since 2002. People are still living in squallor in Iraq, basic utilities are unreliable if they work at all, and unemployment is in TRIPLE digits!

This is the kind of "democracy and freedom" the Great Emperor Bush II promised the Iraqi people, the concept of "I Cheat ''em and How!".

SIG HEIL, BUSH!!!!
sig heil, McCain????

[olebd]

I suspect this action may be in response to the oild deal that Iraq is about to seal with China. CBS had the story posted a couple of days ago but it disappeared after a couple hours. I suspect Iraq was meeting with China, working out this deal and the U.S. had no knowledge of it.

I realize we invaded Iraq under false pretenses and it was a mistake. But the people in charge of Iraq now are the people that wanted the U.S. to invade and rid their country of the Saddam dictatorship. For that, they now owe us and need to pay up with oil and pay up now. Let''s get the bill ready.

[sowathought]

Lets hope all senators get involved!

[jwind11]

Congress has asked the GAO to investigate where all the money has gone that USSA taxpayers (and China!)have funded in reconstruction in Iraq and what is happening with all the money that VP Darth Vader Cheney said would be generated by oil revenues back in 2002.

One place it definitely is NOT GOING is to the Iraqi people to help them put their lives back in order since 2002. People are still living in squallor in Iraq, basic utilities are unreliable if they work at all, and unemployment is in TRIPLE digits!

This is the kind of "democracy and freedom" the Great Emperor Bush II promised the Iraqi people, the concept of "I Cheat ''''em and How!".

SIG HEIL, BUSH!!!!
sig heil, McCain????

the nutjob ticket , walt1944/mcvet 08

[cattlekate]

the nutjob ticket , walt1944/mcvet 08
Posted by jwind11 at 03:58 PM : Mar 09, 2008

gah. Once again a senseless post. A name-calling post which contributes nothing.

jwind11 - The article at hand is discussing the question as to exactly WHERE Iraqi oil revenues are going. I would like to know. Would not you?

[hotpaulie]

King George may have a lot of explaining to do.

[DocD--2008]

%u201COne place it definitely is NOT GOING is to the Iraqi people to help them put their lives back in order since 2002. People are still living in squallor in Iraq, basic utilities are unreliable if they work at all, and unemployment is in TRIPLE digits!%u201D - Posted by jwind11

While I do agree with most of what you posted, I hate to tell you, but unemployment is figured in percentages as triple digits would mean at most that 999 people are unemployed and we know its higher than that. In percentages triple digits would be 100% and we know that isn%u2019t true either.

[prairiefox1]

SOME CLAIM THAT WE WENT TO IRAQ FOR THE OIL!
BUT IT SEEMS THAT ISN''''T SO!
DID SOMEONE FORGET A SMALL DETAIL?
OOOOPS!

[randynason]

It looks like the foxes have been in charge of the henhouse for way too long. Does Congress have the cajoles to pursue the crimes with appropriate indictments? Let''s hope that they do- and with a swift axe, too.

[singingrick]

Based on past resistance to any and all oversight whatsoever, I''d say the Bu$hies are going to fight this tooth and nail.

[prairiefox1]

SIMPLE! SELL THE OIL AND SPLIT THE PROCEEDS WITH ONES WE ARE FIGHTING! IDEAL SITUATION! THEY WILL FIGHT THEM ON THEIR OWN GROUND AND KILL MANY AMERICANS AND THE BEST PART OF IT THEY WILL NOT HAVE TO GET THROUGH THE SECURITY IN AMERICA TO DO IT!
THEIR OBJECT IS TO KILL AS MANY OF THE "INFIDELS" THAT THEY CAN!

THE USA HAS BEEN ROYALLY SUCKERED!

[secundus2]

Dear jn122736,

Pre-surge tactics clear and withdraw to bases; post- surge tactics clear and maintain small forward positions and move into enemy strongholds. That is why the first couple of months of the surge were so costly in US lives (300+ in the quarter ending July, 2007). Also, there are now a few Iraqi military units at the front (e.g., around Mosul). Nothing is guaranteed, but Petraeus'' assessment this summer will be interesting to hear, if trends continue.

[ontheleft]

''the real up-to-date story out of Iraq is the fact that there has been only one US casualty between 2/25 and 3/8''

WRONG. There have been 3 U.S. soldier deaths, plus one British soldier death in Iraq in that timeframe.

185 Iraqis have died so far this month due to the war. Those lives don''t count though, do they?

[rowdytexan2]

It''s about time sombody woke up! I think we need to look in the pockets of Halliburton KBR, Exxon, Shell, Mobil, Texaco, et al. I''m sure their support of the reconstruction of Iraqi oil business is really cheap....NOT!

And while they''re at it, audit the taxpayer money and find out why those no-bid contractors are bringing in labor from other countries and not employing the Iraqi''s so they can start to build themselves up.

70% of Iraqi''s are unemployed, and yet their country is in total reconstruction. It''s just one of those things that make you go hmmmmmmmm....

[crater7]

THIS WOULD BE A GOOD PLACE FOR SIDNEY, TO SINK HIS PRESIDENTIAL CAMPAIGN TEETH INTO. GIVE A SPEECH, TELL ALL WHO WILL LISTEN THAT THIS HAS TO BE INVESTIGATED. BUT, SINCE SIDNEY HAS MADE NICE WITH MR BUSH, THIS WILL NOT HAPPEN.

TAKE A STAND, SIDNEY.

[rowdytexan2]

And while you''re at it, find out why the Iraqi police were instructed to arrest and imprison all of the heads of labor unions in Iraqi...wink wink wink

It seems it is the clear intention of the Neocons that collective bargaining be nixed right off the bat in their new incorporated democracy!

[prairiefox1]

DON''T WORRY! BY THE TIME QUESTIONS ARE ASKED KING GEORGE WILL BE LONG GONE AND CHOCOLATE WILL HAVE TO SOME MANEUVERING TO PROTECT HIS KIND OVER THERE!

[liberalme]

DON''''T WORRY! BY THE TIME QUESTIONS ARE ASKED KING GEORGE WILL BE LONG GONE AND CHOCOLATE WILL HAVE TO SOME MANEUVERING TO PROTECT HIS KIND OVER THERE!
Posted by prairiefox1

You''re one stinking bigot--why don''t you move to a country where everyone is "white chocolate"?????

[spy-vs-spy_]

Whats wrong with the Oil revenue?

[prairiefox1]

DON''''''''T WORRY! BY THE TIME QUESTIONS ARE ASKED KING GEORGE WILL BE LONG GONE AND CHOCOLATE WILL HAVE TO SOME MANEUVERING TO PROTECT HIS KIND OVER THERE!
Posted by prairiefox1

You''''re one stinking bigot--why don''''t you move to a country where everyone is "white chocolate"?????


--------------------------------------------------------------------------------

Posted by liberalme

WISH I COULD!