Iraq Could Have World's Largest Oil Reserves

How rich is this, Iraq saves world economies, by pumping humongous amounts of oil -- Even though the Iraq war was not fought for oil. But, that would give the no blood for oil crowd new talking points. Everyone knew Iraq has been doing their best to establish the size of their oil reserves, ever since the war, the government has had geologists looking the place over. Now comes this report ...

Iraq could have largest oil reserves in the world

Iraq dramatically increased the official size of its oil reserves yesterday after new data suggested that they could exceed Saudi Arabia’s and be the largest in the world.

The Iraqi Deputy Prime Minister told The Times that new exploration showed that his country has the world’s largest proven oil reserves, with as much as 350 billion barrels. The figure is triple the country’s present proven reserves and exceeds that of Saudi Arabia’s estimated 264 billion barrels of oil. Barham Salih said that the new estimate had been based on recent geological surveys and seismic data compiled by “reputable, international oil companies . . . This is a serious figure from credible sources.”

That would frost a few Democrat Socialists plans for a smaller more miserable America. It would also up the stakes for getting Iraq to a stable government and able to drastically increase the amount of oil it exported -- Now standing at about 2.5 mBPD.

The benefit accrued to the world's economies would be huge. Now Ireaq has a chance to repay part of it's debt in treasure that the US has given for Iraq's freedom. In the end it may all work out.