US /
Iraq

Iraq to Net Record $70B Oil Windfall

Congress calls for aid cuts after revenue forecast doubles
By Rob Quinn,  Newser Staff
Posted Apr 30, 2008 2:58 AM CDT
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. (More Iraq stories.)

Get the news faster.
Tap to install our app.
X
Install the Newser News app
in two easy steps:
1. Tap in your navigation bar.
2. Tap to Add to Home Screen.

X