Report: Iraq Lost 6 Billion on Oil 2005

[JoeChalupa]

Sorry if this has been posted before.

Report Indicating Massive Amounts of Money Lost

Iraq oil sector lost over $6 Billion USD. in 2005—official

BAGHDAD, Feb 18 (KUNA)—Iraq has lost over USD 6 billion throughout 2005 due to sabotage operations against its oil sector facilities, a senior official told KUNA on Saturday.

Issam Jihad, Spokesman for the Iraqi Oil Ministry said the ministry experts have estimated the loss at USD 6.25 billion, while 138 security and technical personnel lost their lives in a series of 186 sabotage operations carried in 2005.

Operations to set oil fields ablaze cost the ministry about USD 400 million, while above USD 2.7 billion were lost in operations against crude oil pipelines. Destroying petrochemicals pipelines also cost over USD 3 billion, he concluded.

--Mission Accomplished? Just throwing it out there for discussion.

[boutons_]

Another "expense" is that the insurgents are running protection and extortion rackets.

"Pay us insurgents $Ms, or we'll blow up the wells or pipelines"

[Nbadan]

US oil companies have no incentive to bring Iraqi oil online. They know they have a captive market. There are just as many if not more saboteurs in Saudi Arabia, but somehow the Saudi's, with U.S. help, protect the pipelines, wells, and shipping. If Iraqi oil started flooding the market, oil would dip to Clinton-era prices for consumers, and there is no way that oil conglomerates want to let that happen.