Marooned on Sea of Iraqi Oil, but Unable to Tap Its Wealth

icon gravatar.comwww.nytimes.com/2009/11/08/world/middleeast/08basra.html?_r=1
sent by protect_democracy since 14 days 9 hours 12 minutes, published about 14 days 10 minutes
The area around Basra, Iraq’s second largest city and main port, accounts for as much as 80 percent of the country’s oil production. It has emerged as Iraq’s best hope for stability and prosperity as it prepares to sell off its top undeveloped oil fields to foreign companies at an auction next month. Of the five largest fields that will be bid on, four are in or around Basra. Despite the riches trapped below its oil fields, though, this city of three million is among Iraq’s poorest places.
tags: oil, iraq, poverty, corruption
2 commentscategory: Progressive Issues karma: 155

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  1. #1    But isn't that always the way? Oil patch residents in Africa don't seem to benefit much from the black gold they live atop. And the same in Louisiana. And, up 'til recently, in Venezuela, and, and, and....
    I must admit, there are wells in Beverly Hills, but even that money doesn't stay in local hands, there's other money there.
    written by CwV since 14 days 8 hours 26 minutesCwV
  2. #2    "Oil patch residents in Africa don't seem to benefit much from the black gold they live atop."

    Ain't that the truth.
    written by protect_democracy since 14 days 8 hours 5 minutesprotect_democracy
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