Book Description
Iraq has an estimated 115 billion barrels of crude oil reserves -- the third largest in the world. Oil export revenues are critical to Iraq¿s economy, accounting for over half of the country¿s gross domestic product and over 90% of revenues. This testimony discusses: (1) Iraq¿s estimated revenues from 2005 through 2008; (2) Iraq¿s estimated expenditures from 2005 through 2008; (3) Iraq¿s financial deposits through 2007 and budget surpluses; and (4) U.S. cumulative expenditures on stabilization and reconstruction activities in Iraq since 2003. Charts and tables.