$BILLIONS$ Of Oil Missing In Iraq
The New York Times said between 100,000 and 300,000 barrels of Iraq's daily output of roughly 2 million barrels is missing, possibly due to corruption or smuggling.
The newspaper cited a draft report prepared by the US Government Accountability Office (GAO) and government energy analysts which is expected to be released next week.
The discrepancy was valued between $5 million and $15 million daily, using a $50 per barrel average, the report said.
That adds up to billions of dollars over the four years since the March 2003 US-led invasion of Iraq."
The Irish Times
May 12, 2007