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Saturday, May 12, 2007 

$BILLIONS$ Of Oil Missing In Iraq

"Billions of dollars' worth of Iraq's declared oil production over the past four years is unaccounted for, a US newspaper reports today.

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

Irish Times

There's a new meaning to "missing in action".

How much do you want to bet that the missing oil flows through KBR?

Has it reached the $22 billion or so siphoned out by crooked U.N. diplomatics under the Oil for Food Scandal? One single guy took 11 million barrels of oil and now suddenly the left gets concerned about where all the oil went. (Best guess: it was probably mis-estimated in the first place. It happens at big box stores all the time: some accusation that 15% of the stock is being stolen when it turns out the stock never existed).

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