Iraq oil reserves valued at $100 billion

Iraq oil reserves

Iraq’s oil reserve is estimated at over 120 billion barrels, possibly 250 billion which would make it the second largest oil-producing country in the world!

The reserve is good, but someone should mention to Iraq leaders that they should stabilize the government before passing policy that might exacerbate their situation. Iraq’s policy controversy removes an old state controlled-oil requirement.  The policy would funnel revenues generated from oil-based power to northern and southern areas of Iraq. These areas are dominated by the Kurds and Shiites respectively.

Massive oil corruption in Iraq

The Washington post published an interesting article a few years ago about the theft of Iraq’s oil and massive corruption (also see rape and murder) occurring in Iraq’s oil industry. Take a look at the big bucks that are yet to be had in the country torn apart by political friction, poverty, and war. Iraq will not find stability any time this decade.

Maybe oil is the key to making life better for the Iraqi people, assuming it doesn’t destroy their country first.  In my opinion, oil should be the least of their concerns right now.

Fred Soto is an Attorney and Entrepreneur from the Silicon Valley.
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