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Iraq Slashes Projected Crude Output By Half Over Next 5 Years
And another huge hit to future oil supply. After Goldman released a report on Friday, backtracking on its April recommendation that clients sell crude, instead warning that "critically tight supply-demand fundamentals" will likely cause oil prices to "return to or
surpass the recent highs by next year", "should Libyan oil supplies remain off the market", which it now appears they will considering Gadaffi is winning the Libyan civil war against the West-backed rebellion, here comes a stunner out of Iraq which has just slashed its 2017 oil production estimate from 12 million barrels to just 6.5-7 million bbpd. Oddly enough, Iraq is being rational: "Baghdad believes it would not be in its interests to try to achieve the
12 million target by 2017 because boosting global supply would depress
prices." Who would have though a cartel would think of itself first... Surely, this is great news for Saudi Arabia which will promise to hike oil production and replace the missing output only for it to be discovered a few months later that not only did it not to do that (as we just discovered now following the whole Libya fiasco), but that it just does not have the excess capacity. And, of course, "speculators" will be blamed once they take WTI from $97 to $140 daring to discount the future price of oil in a (inflationary) world in which demand increases by 50% over a decade, even as supply continues to trickle down with each passing year. In other words, the CME margin hike crew is actively studying how many margin hikes it will take to break the back of the recently record number of non-commercial net specs... for at least a week or two, especially once the Chairman goes to town with the printer Turbo button. And elsewhere, the upcoming scarcity of lubricating petroleum byproducts is about to be felt through the entire supply (and demand) chain.
From The Australian:
The country's Oil Ministry, with backing from the Prime Minister Nouri al-Maliki, will set a new target to produce between 6.5 million and 7 million barrels per day by 2017, down from original plans to pump 12 million barrels, according to industry insiders.
Iraq, which is a member of the OPEC cartel that pumps 40 per cent of the world's oil, produces about 2.68 million barrels a day, barely higher than under Saddam Hussein.
It had been hoped that with a huge injection of foreign investment, it would be able to challenge Saudi Arabia as the world's biggest oil exporter this decade.
Confirmation it has scrapped the old target will add to fears that global supply will be unable to keep pace with demand in coming years.
As usual, the 'conspiracy of optimism' got the better fo everyone. And we can't wait to see if the Libyan, Siryan and Yemeni problems spread to Iraq... and/or Iran.
It is understood that government negotiations to change the long-term service agreements signed by companies in the past two years based on the old production target will begin soon.
Analysts said companies would seek improved terms to compensate them for losing out on revenue, which at present is earned for each barrel of oil produced above a base target.
Baghdad believes it would not be in its interests to try to achieve the 12 million target by 2017 because boosting global supply would depress prices.
No demand?
Ministers also argue that there is not sufficient demand for the extra oil, despite soaring prices. Last month, Saudi Arabia cut its output by 800,000 barrels a day after pumping more in response to the political crisis in North Africa, complaining that the extra crude was sitting in tankers with no customers.
High oil prices, which have doubled since the 12 million target was set two years ago, will compensate Iraq for the lower production. Ministers also recognise that creaky pipelines and storage facilities could not cope with such an increase.
The International Energy Agency estimates that investment of more than $US160 billion ($149bn) would be needed to meet the target.
So perhaps the Chairman was not lying that the end price of commodities is determined by supply and demand. The only qualifier is that while crude will surely have a $2 handle and three digits in it in several years (forcing inflation to spike far higher than where it is now in order to offset the pricing impact on the broader population), in the interim volatility in commodities will surge to unprecedented levels (as we expected back in the fall of 2010) as it takes our speculators on both bullish and bearish extremes, invites in the HFT crew to make price swings even more ridiculous, and forcing the Fed to step in and take over this vertical that it still does not control, after already having taken charge of the fixed income and equity markets. And with that, the last pseudo-unmanipulated product will succumb to central planning.
h/t Escape Key
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peak oil is so 2005
peak cheap oil is the new vogue.
Pay at the pump bitchezzz.....
Oil is the trigger to all things inflationary, war, currency flucks, etc.
Gold and silver, don't mean shit here except against ponzi fiat.
Peak oil is ultimately deflationary, as is the rising cost of oil. Forget fiat, look at the Gold to oil ratio....
No, it's biflationary.
I won't quibble with you.... It must be ultimately deflationary as an increasing fraction of disposable income is required for basic energy needs...
The ultimate collapse will be a bitch.
No argument there
So I should call my wife ultimate collapse? 'Cept she argues.
Who needs oil when we have mint juleps to lubricate the joints and fuel the mind?
Flak, depends upon what you mean by that...oil supply decline means that debts predicated upon a future of expansion aren't worth par. That is devaluationary, if we use monetarist definitions of inflation and deflation.
Any debt simply has to be discounted against the reality of a future of less. That includes the FRN.
Iraq won't get to 6mbpd by 2017 either...that's a mere 6 years away.
There goes 6mbpd of "expectations" right the fuck up in smoke. IEA is going to have to adjust again.
No real argument here, I equate devaluation of future obligations to be deflationary. You do agree though that loss of disposable income is deflationary.
So maybe I didn't state it correctly. But, hey, I never took economics, I was too busy learning useful information....
Re: 6 million, yeah, probabaly a pipe (line) dream. I do not doubt they will bump it up a bit though. Too little, too late...
Entropy is the Law.
Entropy by defintion is deflationary.
Okay Peter Schiff. Thanks.
There's that 'D' word again here on ZH. Heretic, Heretic!...
But...but..."you can't eat oil!"
LMAO!!!!!!!!!!!!!!!!!
It's all 'bout PMs and oil...hold tight and prosper.
IMHO - pm's are not held to 'prosper', they're held to maintain, to preserve, and to make it through to the other side. Fellow citizens will be much less likely to accept pm's as money if they are enriching a new set of 'elites'.
I think he meant prosper as in "continue to live".
Perhaps. But I get tired/wary of all of the excitement around here with how 'rich' people are going to get with their pm's. I believe a reset is inevitable and that pm's are a core aspect of preparation. But I have no illusion that the reset won't be really painful. And that in many ways, these are the 'good times'.
cossack, you are 100% correct! Gold will allow you to maintain wealth in realtion to the rapidly expanding money supply and loss of purchasing power of the dollar (and most other paper currencies). I don't plan on getting wealthy from it, but I just want to be able to enjoy a Snickers Bar, bowl of berries, etc. Look at what the dollar will buy today? A 12 ounce "pound cake" that used to be guess what, A Pound!
GL! to all bag holders...unless they work on Wall Street and are getting one of those $800,000 Bonuses at GS, they need to think and read....education is the key to survival.
Better to hold those reserves until they can be revalued in whatever the SDR mix is to replace the dollar. Iraq certainly doesn't owe anything to Americans after what they've done to the country.
SDR transition start date 2022. Full implementation 2028.
Count on it.
There'll be nobody left with any money in Amerika by then (just the FEMA camp guards).
Everytime I try to start a 5 million man oil sucking army that uses more oil than a country of 150 million people they go and pull this shit.
At this rate all I'll be able to do is mount a mini gun in the trunk of my camry and weld some steel plates on it. The man is always keeping me down.
Still laughing...
A Camry trunk has room for a minigun? Wow! Better get me one 'o those smoking 20MM quads for the back of my Escape hybrid.
steel plates? pfbt.
http://www.bulldogdirect.com/AP-vehicle-kevlar.asp
FOFLMBO!
And the hits keep on coming for the USA. Keep chanting USA USA in big deep shit
the bears may have something to say about that........
It's all the same problem. Just the 1 cause.
Margin Hike Bitchezzzz!!!!!
is this iraq's big "F U" to the USA?
research pays off:
http://af.reuters.com/article/energyOilNews/idAFLDE74705820110508
iraq thinking about " capturing the 700 mil cu ft of natural gas it flares at its oilfields each day " ... found that startling
Pipelines through Turkey have been more of a bugaboo than Russia transporting through Ukraine.
I would call it just one of many FU's to the US, and I live in SF, USA.
I guess the price of oil without financial investors would swing somewhere between 75$ and 100$ pb. Swings above and below are extremes added by the everlasting fight of bulls & bears
You can't output want you ain't got.
So which is it?
"Ministers also argue that there is not sufficient demand for the extra oil, despite soaring prices. Last month, Saudi Arabia cut its output by 800,000 barrels a day after pumping more in response to the political crisis in North Africa, complaining that the extra crude was sitting in tankers with no customers."
There is a grain of truth in the Saudi statement. The world refining capacity for Arabian Heavy is well supplied. Now those refineries that need lighter sweeter crude are running below capacity because of a lack of feedstock...
thank you
KSA also may have been employing surge production capacity for this extra 800kbpd.
This would not be the first time they've ramped into a spike and then backed off. They are likely in decline, thus flat out in terms of production.
Wondering when your smiling face would appear...
Yes, they are masters of managing their ~60 million barrel tank farm.
They ain't altruistic but all things being equal their management of "The Precious" has been fairly even handed....It could have been in worse hands.
Better get used to sour crude oil.
After all that shit all we get's a pile of dirt?
Maybe if we all hold hands and sing Kumbaya?
This should help the Iraqi Dinar revalue to $3.00+
Oh no!! The Dinar bugs are back.
You can call me anything you want. Just don't call me late for dinar.
Waiting for someone to say that this is bullish for silver.
you see, with the additional long term revenue that iraqis will receive, they will be able to reinvest the proceeds of oil sales into their seventy-third most loved asset - silver jewelry. so you see, buy silver. clearly.
lettuce not be so hasty to make radish judgements.
sorry mate, those bouncing jugs were distracting my sense of reality.
Anything which uses oil to dig it out of the ground.
Anything which uses oil to transport it.
'Tis bearish for anything that uses said things.
Six million sounds about right given the P+P resource base. Hell Saudi Arabia pushed hard on the greatest field on the planet and topped out at about 10. There ain't no second coming of Ghawar and its Super-K zones in Iraq; 12 million bbpd was always a figment of Dick Cheneys oil-lubricated sexual fantasies...
Perfect reason for Uncle Gorilla to institute 5 margin hikes on energy futures of all types and stripes.
Of course, they will blame it on the speculators, and say that the top 1% of hedge funds pushing up the price of the futures need to be "Amaranthed" in order to calm the masses and bring gasoline back down to $3/gal.
Then, shortly thereafter, Donald Trump will be flown over there to give Iraq the "Boys, you had your fun, but its over" speech.
You got this sarcasm thing down so pat, that sometimes even I have a hard time figuring out when you are serious...
Is that a nipple slip?
You noticed, too?
No, it's a deflationary collapse.
Good for them. Oil in the ground is better than benniebux in the bank, especially one of our banks.
Ding! Hence no drilling in the US.
The US is the most drilled place in the planet.
http://tonto.eia.doe.gov/dnav/pet/pet_crd_drill_s1_m.htm
and
http://tonto.eia.doe.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=E_ERTRRO_XR0_NUS_C&f=M
Oil Rigs in operation are at 30 year highs
See that doe.gov in your links? Sure you don't want to include some bls.gov links?
Maybe a couple of DailyKos pull quotes?
Maybe you could google Baker-Hughes Rig Counts... they are the source of the data but they don't provide pretty plots spanning 35 years...
Just keep on believing what you want to believe, maybe if you wish upon a star your dream will come true...
While you are at it, google BHI Saudi Arabia Rig count...
She's been drilled more times than.. oh it's too easy.
Your comment "oil in the ground " remark reminds me of an article I read a few years ago that help me to understand the relationship of oil and gold, hopefully you have read it, if not I posted a link below.
Found on a fofoa site, a guy named Aristotle.
It is important here to realize the attitude of OPEC, and notably the Middle East. In the mid 1970's, the finance ministers of both Kuwait and Saudi Arabia stressed that their needs were only to provide for the welfare of their citizens, and that oil in the ground is better than paper money. Who from the West can argue with that?
http://www.usagold.com/halloffame.html#anchor318280
thanks for the link.
clownbux are debauched there will always be more and they are truly infinite.
gold is hoarded, there is a fixed amount on planet earth and it will remain much the same.
oil is consumed and every day there is less of it.
therefore oil is better than gold is better than clownbux.
Time to send in the Donald and see if he is go or show.
Release the Kraken! or is it "Release the Kracked"
What is he going to do? Threaten to release that wolverine that he is wearing on his head?
This will not stand!!! Begin QE3 NOW, activate Plan S7c, wake the queen, have the car waiting, cancel Christmas,,,
Walt disney needs to design a new evil. That's the solution
I think canceling christmas is a bit extreme.
if the tea party doesnt vote to raise the .gov debt ceiling and lie about US economic fundementals, letting the globalist government political forces divy up the resources of the US empire while destroying our credibility
.
we will be forced into WWIII lol morons
why not just nationalize the frb, and call it a day?
I woud prefer Euthanize
I am counting on the tea party to perform a bureaucratectomy and chop off about half the government. Yes we should include the military industrial complex. Shuda listened to Eisenhower.
We have a 100 bases in germany? I say come on!
Somebody needs to drink their beer.
Wait, he may be on to something here... Teabaggers could be useful in that respect. The irony of a fringe right movement being responsible for a weaker military complex would be incredible.
The German's beer. Somebody needs to help them float Greece's boat.
Hence, lots of beer-thirsty bases. Other than DG, I see no reason for the other bases.
Somebody needs to help them float Greece's boat.
Talk about good money after bad. Can't wait for the island auctions to start. I'm not sure about the beer complex theory. Germans could easily pick up the slack.
"the upcoming scarcity of lubricating petroleum byproducts"
You waited until the US taxpayer was bent over and holding his ankles with both hands to tell us about this?
Several points:
1) This is old news. By a few days. The part about it not being in Iraq's interests to produce at 12 mbpd is like saying it would not be in your best interests to walk in and ask your bank manager for a gift of 12 million dollars. The problem is after he gives it to you, then you'd have to deal with taxes, worry about lawyers targeting you for lawsuits, all sorts of bother. So best not to ask for the money. As if it was possible anyway.
2) 6mbpd is unlikely by 2017. It's unlikely by 2020. Infrastructure is a word bandied about too glibly. Truth of the matter is, the stuff probably can't come out of that ground that fast, so yeah, you can worry about pipeline capacity, but the first pipe to worry about is the one that's vertical. Those are only so wide.
3) Iraq has been pumping oil for 50 years. There is also the usual glib adding of new production to old production to get the total, but of course that's why it's a differential equation and not algebra. The old fields die. They can't hold their production rate. It's sprinting up a down escalator.
4) MOST IMPORTANT . . . IEA was depending on 12 mbpd by 2017. They tend to take government numbers as truth, almost by regulation. This is going to punch a 6 mbpd hole in their plans for countering the relentless global down escalator. Their next report will be devastating.
No, it absolutely won't. They don't rock the boat, however they've been leaving little hints like this one:
http://energyocm.files.wordpress.com/2011/01/iea-world-oil-production-ch...
"fields yet to be developed or found"
LOL. Might as well have called it "Fairy dust and unicorn piss".
Great interview btw, Max does Peak Oil. Kurt does a great job. They take peak oil and financial implications. Very Good.
Max Keiser interviews Kurt Cobb
http://www.energybulletin.net/media/2011-05-09/max-keiser-interviews-kurt-cobb
This is just an acknowledgement of what anyone with vague knowledge of Iraqi oil production potential already knew - the previous target was, to coin a phrase, vintage bollocks.
Never mind the Bollocks!
Here come the Sex Pistols.
Johnny Rotten....patron saint and inspiration for yobs everywhere.
i'd rather be a yob than a chav.
But but but..Peak Oil is a myth..a cabal of bankers from mars and the oil industry along with the CFR met on the faked moon landing set. They all sat around with Jesus and discussed how to create a perceived shortage of oil. I saw this on tinfoilhat.com dammit!!
NO, this is not from The Onion
Schumer Seeks More Funding for Rail Safety After Terrorist Plan RevealedMore money would help enhance ... monitoring at stations throughout the country
He also called for an Amtrak “No Ride List” to keep suspected terrorists from boarding U.S. trains.
http://www.bloomberg.com/news/2011-05-08/schumer-seeks-more-funding-for-...
that high speed rail project was in trouble? i was wondering what the motive was for the train derailment lie. Now i guess we know: more funding for high speed rail. MORE PIES DAMNIT MORE PIES!!
the excuse needed to place TSA human microwaves at every train station! may someone with large hands grope thee!
Cheap Date.
And then how the fuck are the financial barrons of Wall Street gonna get to and from Greenwich, New Canaan and Wesport?
car-pool
It's pretty clear TPTB are locking down America (with the exception of the border or anything involving illegals as that furthers the watering down of our culture). The trains, buses and probably highways will at some point involve a frisk/scan/pat down/cavity search. It could not be any clearer, please wake the fuck up.
Of course Peak Oil is a myth. In fact here is serious research about that brought to you courtesy of the news outlet of the Republican party [You know the party that made fun of Carter for warning us about this ... blocked all attempts by Clinton to raise Gas mileage standards in a meaningful way ... and then made fun of Al Gore for proposing something serious about this ... and everytime the American people greatly repay the Republican party for all the fun. Fun fun fun!!]
Anyway, here it is:
http://www.foxnews.com/opinion/2010/12/29/myths-oil/
Anybody who uses the phrase "running out of oil" automatically discredits themselves.
Also, CO2 emissions from oil are a red herring, very cute how he played that one. A variation on "Bait and Switch"
Just another fucking shill...
Only in your mind ...
http://maps.grida.no/library/files/storage/batch1co2emiproduct_large.jpg
Come up with a better link... my computer doesnt like websites that like to take over...
So what is your theory?
1) The communist vegens are stifling oil production?
2) It is a massive conspiracy by Big Oil and the Illuminati?
3) Obama has a secret plan to deny your god-given right to a 454 with a 6-pack?
It's just a chart showing CO2 emissions from oil, natural gas, and coal.....
Never mind my take ... what is yours?
CO2 from oil is a necessary evil... However, I do have an issue with coal.
I have seen studies that show that burning our remaining 1.3 trillion barrels of oil endowment do not cause a serious problem for C02... Coal on the other hand is the planet killer.
I agree with you, actually.
What bothers me is that the world has not done enough to incentivise the creation an implementation of new energy sources.
We keep being reactive, when we need to be proactive ...
Yes, we are in agreement...
Yes, and coal from Mountaintop Removal further aggravates the biosphere situation on many levels too numerous to go into here.
Also, nuclear processing generally burns lots of COAL.
So, to my mind, nuclear is nix even if it did not spread uncontainable radiation across the planet.
The earth has a creamy center of abiotic caramel.
Nouri al-Maliki just ignored the guys with US flag patches & M4s in his front yard and bitch slapped Barry and demanded to know where all his money was??? Strange weekend & a bad trend building off the Qdaff humiliation.
This is old news. It has been clear for a couple of years that 12 million barrels is completely insane as a target. Half that is also simply not going to happen.
Google the oil drum for better research.
Better yet, simply:
http://theoildrum.com/
ok, yeah could have been clearer. I meant use the google search on the oil drum site.
I've been on it a while. If you do happen to see any of my comments, they gradually become less inane over time, as realisation and education do their work.
But we love the Middle East, don't we?!
http://upload.wikimedia.org/wikipedia/en/8/8e/Sabah_Al-Ahmad_Al-Jaber_Al...
http://4.bp.blogspot.com/_zlQH3hY9j-E/Sd4ijbIiesI/AAAAAAAABc0/fmNUL0zBCE...
http://1.bp.blogspot.com/_zlQH3hY9j-E/Sd4gtndq-1I/AAAAAAAABcs/mgHOEmL3hT...
Great. Re-invade, and do it right this time.
Send DC in first.
right, or like OBL said in his alleged will.. they invade first with their money, then the military..
Send em Blankfein.
...and Rosie pigO'Donnell and that fat twerp Moore.
Moore is a fat slob and a great american. Junk Away.
(Guess they only junk pigO'Donnell posts. It may be spelling, tho.)
Junks are for punks. I'd rather talk shit. I got your back on the Odonnel part. But anyone who takes on the banks, government, health care system, and military complex has my respect, even if it is in a self righteous bitchy little manner.
Well said...
"Kuwait will attempt to seize Iraqi oil assets abroad when international legal protections end on June 30 – a move that could upset fragile diplomatic talks and create problems for any international oil companies (IOCs) that are paid in crude."
Iraq Oil report- 4/14/2011
More of a reason to drink till you get cancer of the soul. Who cares?
Decreasing Complexity..sounds benign,like a camping trip without your Iphone.
Only its more like trying to run a nuclear power plant with a G.E.D. and cliff notes.
Excellent analogy.
If we do have to power down in the next few decades it will be dangerous, very polluted, and definitely not a camping trip. Look how nasty and trashy the third world looks. I hope we never reach their low level of energy consumption.
We are going to reach that point..no doubt. I think the question is how far and how fast?
I wonder sometimes...Is it better to move to a third world country now since they are already "set up" for a low energy existence? Not Somalia third world, maybe Latin America?
Sippping Pina Colada on some beach,watching it all burn sounds better than holed up in my apt in Houston watching it burn.
Twont be that bad that it all burns down. We may not have heat in the winter. Intermittant summer power outages. Cars limited to one per multi generational families that go 40 miles between charges. Yeah it will look something like average per capita gdp of south america but that aint bad. The city and living in small spaces in densely populated areas will be fashionable. Walking and biking a couple miles to work is good exercise. It will be polluted crowded and stinky but it wont.collapse. we have yet to explore the frontiers of protein, unlike the chinese!
Glad Goldman chased a few thousand out of USO so I could buy it real cheap.
Question is how much Goldman bought when it dropped? They probably scopped up a few hundred million shares on the cheap. Watch oil hit $160 (as Bank of America predicted) real fast.
LMAO!
Here's a hilarious animation (as seen on maxkeiser.com) exhorting folks to get even against the banksters and government:
http://thesilvergoldhedge.blogspot.com/2011/05/join-sla-to-get-even-and-...
Sounds like Peak Oil to me. The Economist magazine, several years ago, stated Saudia Arabia has the most oil, but Iraq has the oil that's easiest to get to.
Most Americans have figured out that Republican tax cuts do not create jobs. The wealth has gone into private pockets. Leaving the Bush tax cuts in place was supposed to create 2 million jobs. Where are they?
Wait til Americans re-consider global warming.
Sounds like Peak Oil to me.
Max Does Peak Oil. Very Good.
Max Keiser interviews Kurt Cobbhttp://www.energybulletin.net/media/2011-05-09/max-keiser-interviews-kurt-cobb
Did you all know that we only need to discover 4 more Saudi Arabia's to meet our projected needs by 2030? "They" have known about peak for years. We're fucked because the Big Oil and the Military Industrial Complex has been at the wheel for far too long. Is it surprising that resource wars were the only thing they could come up with to solve the problem?
"For we are opposed around the world by a monolithic and ruthless conspiracy that relies on covert means for expanding its sphere of influence--on infiltration instead of invasion, on subversion instead of elections, on intimidation instead of free choice, on guerrillas by night instead of armies by day. It is a system which has conscripted vast human and material resources into the building of a tightly knit, highly efficient machine that combines military, diplomatic, intelligence, economic, scientific and political operations.
Its preparations are concealed, not published. Its mistakes are buried not headlined. Its dissenters are silenced, not praised. No expenditure is questioned, no rumor is printed, no secret is revealed."
John F. Kennedy
April 27, 1961
Our military knows whats up and have said as much.It was all put here without much fanfare..our future. I would like to thank the lame stream media for all the awesome reporting on this,and may you all rot like the propagandist you are.Sold your soul for prime time slot after Dancing with the stars. FUCK YOU!
http://www.peakoil.net/files/JOE2010.pdf
That was in a speech to the American Newspaper Publishers Association. Before “They” owned them all.
The monolith he was talking about was communism, young pup.
The USSR China and european communist parties. The red menace. It was real at one point, and very deadly. It was at the height of its power and influence in the 60's.
Okay, will you at least concede that it is likely no coincidence that he was killed shortly after signing Executive Order 11110 which would have given the Federal Government the power to bypass the Fed and print our own money backed by silver?
It does bother me. Also that judge who was killed after declaring a dollar was not an FRN. I forgot his name.
Damn...and I thought it was about the Goldman-Sach partners.
tightly knit, highly efficient machine
Yep, for sure man, that's just like *so* descriptive of the international communist movement. Totally.
Proof positive that JFK was just another asshole.
You think this is news about Iraq cutting output, wait until SA reveals its true reserves whicj many say are lots less then they report.
We never went into Iraq for the oil, anyways. Come on, guys, it was like 9/11 and Hussein tried to kill Dubya's dad and he was worser than Hitler and they stoned women and stuff. Now it's a free demockracy.
The satisfaction of a job well done and a war well won should be more than enough reward in itself. Sheesh. Ingrates.
There is not much oil in Iraq.
But, but, but they told us when we went into Iraq that the oil would be used to rebuild Iraq and that America would get dividends on that oil. I want whoever said that to be immediately fired if he is still working in government and brought up on charges of perjeury and embezzlement. Lying Motherfuckers...