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Politics : PRESIDENT GEORGE W. BUSH
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To: TideGlider who wrote (525859)1/18/2004 9:25:34 AM
From: PartyTime  Read Replies (1) of 769670
 
Then and now:

>>>Could Iraqi Oil Help Pay Some Costs?

In its estimates, CBO also analyzed the suggested possibility that proceeds from sales of Iraqi oil could be used to offset the costs of rebuilding damaged infrastructure and occupation of Iraq. CBO found this idea not to be a reasonable option because:

* "Iraq is already a major exporter of oil and until recently has been producing at close to its peak sustainable production capacity of 2.8 million barrels a day.

* "Currently, about 80 percent of Iraq's oil production is being used to purchase imports under the United Nations Oil for Food Program or for domestic consumption. And, in the near term, Iraqi oil exports cannot be expanded without large-scale investment and development of infrastructure. Thus, the primary source of additional funds for reconstructing Iraq would be the proceeds from the legitimate sale of the approximately 400,000 BPD that are currently smuggled out of the country to pay for the importation of items that violate United Nations sanctions.

* "Assuming that a post-conflict Iraq complied with all U.N. resolutions and removed the basis for the current economic sanctions, and assuming also that its oil production infrastructure was undamaged, Iraq could pay for reconstruction costs by using funds generated from that 400,000 BPD of oil and still have enough to pay for its country's current level of imports. At today's oil prices, production at that level would amount to approximately $3 billion a year."<<<

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