Saturday, March 30, 2013

Iraqi oil: Once seen as U.S. boon, now it’s mostly China’s

Iraq oil cropped
An U.S. Army soldier stands guard near a burning oil well in the Rumaylah Oil Fields in Southern Iraq April 2, 2003. 
"Bush administration officials suggested shortly after the invasion that revenue from Iraq’s oil fields could largely pay the cost of rebuilding the country. That turned out to be wrong, and $60 billion in American taxpayer funds ended up going into the reconstruction of Iraq. The war devastated Iraq’s oil industry, as kidnappings, sabotage and attacks on infrastructure made it virtually impossible to do business."

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