A new Government Accountability Office study reports (GAO report PDF) that the soaring price of crude oil will yield the Iraqi government a cumulative budget surplus of as much as $79 billion by the end of 2008. While paying $4 per gallon of gas for every fill up at the pump, American taxpayers have also spent a total of ### for the war in Iraq, and the meter is still running. That large sum includes the $42 billion American taxpayers have spent, so far, for the stabilization and reconstruction of Iraq. (That large sum does not in the cost of benefits the U.S. government will pay to military veterans over the next fifty or more years.) In contrast, the Iraqi government has spent less than $4 billion on the country's reconstruction while the government banks profits on its crude oil sales to America and the international markets.
During an appearance last Sunday on a CNN program with Wolf Blitzer, Texas Senator John Cornyn (R) said he believes it's a positive thing that American taxpayers are sending money to Iraq simultaneously out of two pockets while the Iraqi government banks its massive $79 billion oil profit surplus by not spending the money to rebuild its own country. The video of Senator Cornyn's appearance on CNN can be viewed at Think Progress.
Texas State Legislator Rick Noriega is the Democratic Candidate challenging incumbent John Cornyn for the U.S. Senate Seat for Texas.
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