Iraq's oil revenue may provide every Iraqi with $3500 a year
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26 December 2006 (MENAFN)
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An American energy analyst that a plan gaining favor in Washington to distribute Iraq's oil revenue directly to its people could put $3,500 a year in the hands of every adult Iraqi citizen, AlArab Online reported.
The analyst said that his estimate was based on an oil price of $60 a barrel, $10 a barrel production costs, and the assumption that 10 million Iraqis would be old enough to qualify for a share of their country's oil wealth.
He said that the best way to administer the program may be to give the money to those who register to vote and maintain a bank account, thus promoting social involvement and stability.
However, opponents say distributing the money would be difficult due to logistical and corruption problems, but the idea has picked up advocates as the United States looks for ways to stop the chaos that has followed the 2003 invasion that toppled Iraqi leader Saddam Hussein.
Iraq produces 2.2 million barrels of oil a day and exports 1.5 million barrels, according to the Iraq Study Group Report issued earlier this month.
Estimates for current average annual income in Iraq vary widely, but top out at around $1,500 a year.
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