Shortly after the war in Iraq, Vice President Dick Cheney and Pentagon officials estimated that the lucrative Iraqi oil industry would soon generate $20 to $30 billion, a large portion of which would pay for reconstruction. Six months later, officials estimate that oil revenue this year could be as low as $4 billion. Were the estimates wildly optimistic, or have years of neglected infrastructure and post-war sabotage degraded production capability? Deutsche Welle reports on the status of the post-war Iraqi oil industry.
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