Iraq to Net Record $70B Oil Windfall

Congress calls for aid cuts after revenue forecast doubles

By Rob Quinn

Posted Apr 30, 2008 2:58 AM CDT

Copied

Iraq to Net Record $70B Oil Windfall — An oil tanker, Patris, is seen docked next to Iraq's vital al-Basra oil terminal, in Persian Gulf waters, Wednesday, Feb. 27, 2008. (AP Photo/Kamran Jebreili)

US analysts estimate that record-breaking oil prices and a fall in insurgent attacks on pipelines will boost Iraq oil revenue this year to $70 billion—double earlier estimates, the Wall Street Journal reports. The latest figure has sparked a call among US lawmakers to demand that Iraq pay more of its reconstruction costs. But the White House has warned that slashing aid could prolong the war.

Read These Next

Mark Zuckerberg's 'list' has Silicon Valley buzzing.
Hall of Famer Dave Parker dies
IAEA chief downplays damage to Iran nuclear sites.
That 'buy now, pay later' loan may soon hit your credit score.

Report an error