Oil production capacity rebuilding experience has implications for Iraq

Experience with countries disrupted by wars and severe social change in the Middle East and Eastern Europe shows a pattern of about 3 years to regain stability in the oil industry.In the present case of Iraq, however, rebuilding will require massive financial assistance from the US and its allies because the country is caught in a vicious cycle. Iraqis cannot repair and construct new facilities without oil revenues, but they need those revenues to rebuild the oil sector.Now that the US Congress has approved the $87 billion that the Bush administration has requested for Iraq and Afghanistan—of which about $20 billion will be used to rebuild Iraq's infrastructure and revamp its oi...

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