Senators Demand Audit Of Iraq Oil Revenue
After U.S. Invests Billions In Reconstruction, GAO Asked To Investigate Where Revenues Have Gone
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An Iraqi worker operates a valve at the oil pipeline near Basra, Iraq in 2005. The GAO is being asked to investigate the Iraqi government's expenditures, given discrepancies between what Iraq and the Bush administration have reported. (AP)
"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 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.
© MMVIII The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.


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See all 144 CommentsIt works over here, why not over there.
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?
It only takes a minute of your time. Anyone can sign the petition. Thank you.
http://www.ipetitions.com/petition/seatourdelegates/
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.
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.
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.
Waterboard Darth Chickenshit until he tells what KBR did with the money!
conservative republicans should all be in prison for treason
Very good! And might we add Perle and Wolfowitz to the list of crooks? They deserve to be on the scum list.
Sounds like US and A. Gee, I hope they didn''t move to Venezuela or Iran....
Posted by zootallures2 at 01:02 PM : Mar 09, 2008
Don''t tell me that is still going on!
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Missing Iraq oil revenue?
Check Cheney''s Swiss bank account.
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Posted by secundus2 at 02:46 PM : Mar 09, 2008
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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.
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? $4 a gallon gas?
One place it definitely is NOT GOING is to the Iraqi people to help them put their lives back in order since 2002. People are still living in squallor in Iraq, basic utilities are unreliable if they work at all, and unemployment is in TRIPLE digits!
This is the kind of "democracy and freedom" the Great Emperor Bush II promised the Iraqi people, the concept of "I Cheat ''em and How!".
SIG HEIL, BUSH!!!!
sig heil, McCain????
I realize we invaded Iraq under false pretenses and it was a mistake. But the people in charge of Iraq now are the people that wanted the U.S. to invade and rid their country of the Saddam dictatorship. For that, they now owe us and need to pay up with oil and pay up now. Let''s get the bill ready.
One place it definitely is NOT GOING is to the Iraqi people to help them put their lives back in order since 2002. People are still living in squallor in Iraq, basic utilities are unreliable if they work at all, and unemployment is in TRIPLE digits!
This is the kind of "democracy and freedom" the Great Emperor Bush II promised the Iraqi people, the concept of "I Cheat ''''em and How!".
SIG HEIL, BUSH!!!!
sig heil, McCain????
the nutjob ticket , walt1944/mcvet 08
Posted by jwind11 at 03:58 PM : Mar 09, 2008
gah. Once again a senseless post. A name-calling post which contributes nothing.
jwind11 - The article at hand is discussing the question as to exactly WHERE Iraqi oil revenues are going. I would like to know. Would not you?
While I do agree with most of what you posted, I hate to tell you, but unemployment is figured in percentages as triple digits would mean at most that 999 people are unemployed and we know its higher than that. In percentages triple digits would be 100% and we know that isn%u2019t true either.
BUT IT SEEMS THAT ISN''''T SO!
DID SOMEONE FORGET A SMALL DETAIL?
OOOOPS!
Based on past resistance to any and all oversight whatsoever, I''d say the Bu$hies are going to fight this tooth and nail.
THEIR OBJECT IS TO KILL AS MANY OF THE "INFIDELS" THAT THEY CAN!
THE USA HAS BEEN ROYALLY SUCKERED!
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.
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?
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....
TAKE A STAND, SIDNEY.
It seems it is the clear intention of the Neocons that collective bargaining be nixed right off the bat in their new incorporated democracy!
Posted by prairiefox1
You''re one stinking bigot--why don''t you move to a country where everyone is "white chocolate"?????
Posted by prairiefox1
You''''re one stinking bigot--why don''''t you move to a country where everyone is "white chocolate"?????
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Posted by liberalme
WISH I COULD!
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