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.

[gopack443]

A simple majority (50% plus one vote) is all that is needed to impeach in the house of representavives. However in the Senate a two-thirds vote is needed in the Senate to convict.

[dogband]

I''m guessing a good bit has gone to finance terrorist groups that attack us.

The rest to American oil corporations.

[macusweil]

GOP does not believe in government oversight. Reason why is to avoid being caught stealing, lying and otherwise breaking the law whenever it is to their $$ advantage.

[lovegetpeace]

Please do not impreach Bush. If successful, we all get Cheney who is 10 times worst. However, if Cheney is the president, the Democrats will have a Super-Super majority in Congress in Nov-2008.

[hillaryin08]

Who''''''''''''''''s the moron lib?

Posted by hillaryin08 at 12:26 PM : Mar 10, 2008

You are of course. Try using real words to express your ''''thoughts''''. Perpatratorst?....Anyone? Hahahaha!



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Posted by leftyintexas at 01:29 PM : Mar 10, 2008

yea, and your the one who thinks the President can Veto his own Impeachment. Right Lib, Riiiigggghhhht.

[barryrose1]

Bush(WHACKER) sending Cheney to Middle East is Like ADDING FUEL to already too hot fire. What the _uck, does he have any idea that he is a MOron? He still thinks he has a mandate. LOSERS only apply!

[lovegetpeace]

Wow, I am going to Iraq to get a little piece of this easy pie. Please do not ask Bush if there is massive corruptions with the Oil Revenue yet until I come back to a happy retirement.

[leftyintexas]

Who''''''''s the moron lib?

Posted by hillaryin08 at 12:26 PM : Mar 10, 2008

You are of course. Try using real words to express your ''thoughts''. Perpatratorst?....Anyone? Hahahaha!

[macusweil]

"We are not leaving Iraq libs."

We ARE leaving Iraq neocons!!

[hillaryin08]

In 2004, while supporting the Democratic presidential nominee, John F. Kerry, Obama endorsed Kerry''s view that the United States had too much at stake in Iraq to withdraw at that time. Since joining the Senate in 2005, Obama has taken incrementally tougher positions on Iraq, even as he sought to hear from a wide variety of voices about what should be done there, according to aides, advisers, and transcripts of his speeches.

But this week, Obama adviser Samantha Power caused a stir when she told BBC''s "Hard Talk" that Obama "will revisit" the plan when he becomes president.

"You can''t make a commitment in March of 2008 about what circumstances are going to be like in January 2009," said Power, who resigned from the campaign yesterday over separate comments insulting Clinton. "He will, of course, not rely upon some plan that he has crafted as a presidential candidate or a US senator. He will rely upon an operational plan that he pulls together in consultation with people on the ground."

We are not leaving Iraq libs.