Iraq costs likely to rise to $200bn"In the middle of August, Mr Bremer gave the impression that production stood at about 1.5 million barrels a day. But the real figure at that time was 780,000 barrels and rarely does production reach a million. In the words of an oil analyst visiting Iraq, this is "an inexcusable catastrophe".
... the Bush overall budget of $87bn which now horrifies Congress is likely to rise towards a figure of $200bn.
... US oil deposits are increasingly depleted and by 2025, its oil imports will account for perhaps 70 per cent of total domestic demand. It needs to control the world's reserves... and it now has control of perhaps 25 per cent of world reserves. But it can't make the oil flow. The cost of making it flow could produce an economic crisis in the US."
- posted by geoff @ #