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Senate Committee Seeks Audit of Iraq Oil Money

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cal04 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-08-08 02:26 PM
Original message
Senate Committee Seeks Audit of Iraq Oil Money
http://www.nytimes.com/2008/03/09/world/middleeast/09ir...

Two senior members of the Senate Armed Services Committee have requested a full accounting of how Iraq is spending its soaring oil revenues, amid starkly conflicting estimates of how much the country has invested in rebuilding its broken infrastructure and providing basic services to its citizens.

The request, sent Friday to David M. Walker, the top official at the United States Government Accountability Office, estimates that Iraqi oil revenues could skyrocket above $56 billion in 2008, largely because of the rising price of oil.

This enormous influx of cash comes as the United States has been reducing spending on the reconstruction effort. Since the invasion in 2003, the United States has invested close to $50 billion in reconstruction, but the effort has achieved at best mixed results when measured by improvements in the lives of Iraqi citizens.

(snip)
But in spite of the dire need for better health care, more electricity and clean water, a functioning sewage system and other services, the accountability office has previously estimated that Iraq spent only 22 percent of the oil money set aside for reconstruction in 2006. And in January, the office, which is charged with overseeing the Iraqi governments finances, reported that Iraq had spent a meager 4.4 percent of its 2007 reconstruction budget by August of that year, the most recent figures available at the time.

As a result, the letter from the Armed Services Committee says, we believe that it has been overwhelmingly U.S. taxpayer money that has funded Iraq reconstruction over the last five years, despite Iraq earning billions of dollars in oil revenue over that time period that have ended up in non-Iraqi banks.

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MissWaverly Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-08-08 02:28 PM
Response to Original message
1. yes, where did the money go
methinks, we need to know who dispensed the oil and what they did with the money.
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lligrd Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-08-08 02:32 PM
Response to Original message
2. Nice To See Them Finally Start Investigating Things
Be even nicer to see something happen as a result of the investigations.
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KharmaTrain Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-08-08 02:37 PM
Response to Original message
3. The Fun Of Bribing Your "Friends"
Do we even need to start wondering where the oil revenues have gone? Why invest it in an infrastructure that isn't secure...power stations, water plants and other basic services are among the most pillaged and first struck in military incursions...why built it back when it's gonna either be sabotaged or destroyed? As long as the war goes on, rebuilding can't occur.

Whatever "rebuilding" now is probably one massive payoff scheme...lining tons of pockets. There's bribing the appropriate "government" ministers, the right militias and then bribing the other side not to attack...that's a lot of cabbage being thrown around.

Walker's a pretty straight shooter...I'll be interested with what he comes up with and if any of that grease drips its way back into our beloved oil companies.
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Vincardog Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-08-08 03:57 PM
Response to Reply #3
4. Correction: As long as the ILLEGAL OCCUPATION goes on, rebuilding can't occur.
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pleah Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-08-08 04:16 PM
Response to Original message
5. Glad they are investigating this, but I haven't heard
what is happening with ALL the OTHER investigations they started. heavy sigh
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