March 9, I almost lost my breakfast when I read the article "Senior senators want to know: Where do Iraq's oil profits go?" (Page A-6). Sens. John Warner, R-Va., and Carl Levin, D-Mich., stated jointly, "We believe that it has been overwhelmingly U.S. taxpayer money that has funded Iraq reconstruction over the last five years, despite Iraq earning billions of dollars in oil revenue over that time period that have ended up in non-Iraqi banks." The senators estimated that Iraq will realize "at least $100 billion in oil revenue in 2007 and 2008."
This is a huge story. Our country has paid dearly for this war in money and human sacrifice, and here is yet another example of outrageous mismanagement of the whole affair. It is also a best-kept secret. Who knew that Iraq's oil fields were producing all this oil?