Iraq to Net Record $70B Oil Windfall

Congress calls for aid cuts after revenue forecast doubles

By Rob Quinn

Posted Apr 30, 2008 2:58 AM CDT

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Iraq to Net Record $70B Oil Windfall — An oil tanker, Patris, is seen docked next to Iraq's vital al-Basra oil terminal, in Persian Gulf waters, Wednesday, Feb. 27, 2008. (AP Photo/Kamran Jebreili)

US analysts estimate that record-breaking oil prices and a fall in insurgent attacks on pipelines will boost Iraq oil revenue this year to $70 billion—double earlier estimates, the Wall Street Journal reports. The latest figure has sparked a call among US lawmakers to demand that Iraq pay more of its reconstruction costs. But the White House has warned that slashing aid could prolong the war.

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