This AP headline from last week really does say it all:
Iraq oil revenue soars, creating huge surplus
But U.S. still investing billions in rebuilding, facing squeeze at home
Not that there isn't more to say:
Last week, Sens. Carl Levin, a Democrat, and John Warner, a Republican, asked GAO to investigate what Iraq is doing with its oil revenue. The senators estimated that Iraq will realize "at least $100 billion in oil revenues in 2007 and 2008."
A couple of questions:
1) Why isn't that oil money being used to assist with US efforts to rebuild Iraq? Back in 2003, the Bush administration told us Iraq's oil revenues would pay for our mission there. That was a great idea--unrealized due to attacks on and sabotage and general disrepair of Iraq's oil industry. It's still a great idea now as Iraq's oil biz booms.
2) On second thought, why, oh why is it that Iraq is participating in the OPEC strangulation of the US and other oil-consuming nations even as the US is leading the effort, at great cost, to remake and reinvent the country from the bottom up and top down and everything in between? At the very least, shouldn't the US military be filling up for free?
What do the presidential candidates say about Iraq's windfall billions? Or have they even noticed them yet?