The Iraq "Gold" Rush
” … Of course, this is the scenario that antiwar activists predicted eight years ago, but no one else, especially the Bush administration, thought it would take so long to play out. … “
Excerpt: “Wake Up: There’s A Huge ‘Gold Rush’ In Iraq And American Companies Are Making Bank”
The Mad Hedge Fund Trader | The Money Game | Apr. 28, 2010
The success of the recent oil auctions in Iraq is creating a windfall for American oil services companies. Schlumberger (SLB), Baker Hughes (BHI), Weatherford (WFT), and Halliburton (HAL) have committed to drilling 2,500-3,000 new wells per year and building new pipeline and shipping terminal infrastructure that could make the country the world’s largest oil exporter. The value of these contracts may reach a massive $60 billion over the next six years, and could generate $1 billion in new revenues for each company per year.
Two offshore terminals are already under construction, and another two are on the drawing board. If successful, the project will boost the country’s oil production from the current 2.5 million barrels a day to 12 million b/d by 2016. Iraq’s oil production peaked at 3 million b/d in 1979, and then went to nearly zero after it invaded Iran. …
Of course, this is the scenario that antiwar activists predicted eight years ago, but no one else, especially the Bush administration, thought it would take so long to play out. This is so important that I can’t believe no one else is talking about it. …