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August 6th, 2008
08:41 PM ET

Evening Buzz: Iraqi Oil Outrage

Oil accounted for 94 percent of the Iraq's revenue from 2005 to 2007, a U.S. report says.

Oil accounted for 94 percent of the Iraq's revenue from 2005 to 2007, a U.S. report says.

Maureen Miller
360° Writer

Cha-ching! Oil revevues are making Iraq rich, very rich. According to a new U.S. audit, the Iraqi government will have a budget surplus of up to $80 billion by the end of the year due to soaring oil prices.  But auditors say over the last two years, Iraq only spent $947 million dollars to pay for maintenace of roads, bridges, vehicles, buildings, water and electricity projects and weapons.  At the same time, the U.S. was spending a lot of your tax dollars in Iraq.  Auditors say since 2003, Congress has approved $48 billion for so-called stabilization and reconstruction efforts in Iraq. As you might imagine, some lawmakers on Capitol Hill who voted on that cash assistance are angry.  Democratic Michigan Senator Carl Levin said today, "This is not rocket science. They've got tens of billions of dollars in surplus in banks around the world, 10 billion in American banks alone, they wrote a check to get that money into the bank, they can write a check to reimburse us for the reconstruction costs." This may leave you asking: Why isn't Iraq paying more?  Tonight, find out why. We're keeping them honest.

And, we're on the trail with the latest developments in the veepstakes. Who do you think John McCain and Barack Obama will pick as their running mates?  Tonight, we'll show you some possible auditions for the job.

Plus, there are new details in the search for little Caylee Anthony. The 2-year-old Florida girl vanished in early June. Her mom is behind bars and was charged yesterday with child neglect and filing a false statement, but not with her daughter's disappereance. Investigators say Casey Anthony didn't report her daughter missing for more than a month.  Today they took a new step in their investigation that's made a lot of headlines.  That's in our crime and punishment report.

All that and more tonight on 360°.
Hope you'll join us!


Filed under: Maureen Miller • T1 • The Buzz
soundoff (29 Responses)
  1. Alex

    To Don,
    I'm glad to see someone else can related to the biggest mistake of my life...voting for GW...TWICE!

    August 7, 2008 at 9:24 am |
  2. Keith Borrelli

    Wake up America. I am losing faith in the American people. Their willingness to accept the oppression by our goverment is unacceptable. We our losing our homes, cannot afford to fill our gas tanks, cutting our food consumption to get by, cannot afford medical care. But we still have to pay our taxes or be prosecuted. Our goverment is sending billions of dollars every month to Iraq while we are starving and Iraq is sitting on $80 billion. We supposedly are over there trying to fix their country! What a joke, they should be over here fixing ours.

    August 7, 2008 at 8:59 am |
  3. Christa

    I agree with Larry... It states Lawmakers in congress are outraged... they should have known all of this before they approve money! Not to think how that money could have helped for many Americans here in our own country! Thanks AC for running the story ! I hope all are writing letters to their rep's.....

    August 7, 2008 at 8:37 am |
  4. AK, Laurel MD

    Its funny to see this sort of outrage from our government, because their reaction is absolutely ridiculous.

    The United States invaded a soveriegn nation without the consent of the citizens, displaced thousands of people, bombed numerous buildings and bridges, and thousands more have died because of this as well. Who do you expect to pay for all this? The US is responsible and they need to stop whining about this outcome, those who voted for the war mongering Bush should face the consequences.

    I wonder how the Americans will feel if China or some other world power did thesame to this nation. The US is currently crying and feeling uneasy about Russia setting up a possible nuclear arms base in Cuba, but yet continue to oppress people in the so called name of democracy.

    John McCain represents thesame mindset, and honestly is just as cocky and arrogant as Bush. Obama stands for change and a new direction for this nation, but I am afraid that the American people might fall into thesame line voting for the war mongering republican party. I am sick to my stomach of these people.

    If you speak about it you are tagged unpatriotic. George Bush and the republicans have continued to lie out of thier teeth and run this nation into the ground; WMDs, Alqaeda Link, Guantanamo, Wire taps, Failed economy, high gas prices, extremely tarnished reputation, $480 billion deficiet..... to mention but a few, what more do we need. Now the republicans want to blame the democrats in congress for not having some bills passed. What have they been doing for the past years?

    Give me a freaking break!!

    August 7, 2008 at 6:25 am |
  5. Bear

    Now here is a couple of thoughts.
    1. Stop the waste of money.
    2. For each bushel of corn, wheat, oats, etc they buy, the price goes up to match the price of oil. Let our farmers get rich, for their hard work.
    3. For the debt they owe us for being there, we should be compensated in Oil for the loss of American life on there soil, about a million barrels for each life lost since the start of the war.

    August 7, 2008 at 5:10 am |
  6. Sondra J

    A surplus of 80 billion while our troops are risking life and limb to help rebuild their infrastructure??? That is criminal. If that doesn't make a "good" American's blood boil I don't know what will....

    August 7, 2008 at 1:55 am |
  7. Redthunder

    It is really no different than what Amerikkka has done to our people here in this country, Our people being Indigenous.

    They take what they want no matter what.

    Reparations lasted a total of 9 years at a cost of 33 billion to the former Weimar Republic of Germany after WWI. Iraq has money because the U.S. oil industry has money, they have always had money ever since they started raping Mother Earth. Dispicable!

    How Much longer will we be duped into thinking that their is an Energy Crisis. Energy, weather + or – is infinite. negative energy is what we see on the T.V. everyday. Positive energy is the clean up effort after the storm...

    August 7, 2008 at 1:22 am |
  8. Moses

    If I had not been born in this country and educated here, if I had come from another country I would say that this country is being ran by a communist government. I can't believe we have aloud all of these old should be retired peoples just sit their in leadership, making all these very screw-up decisions.

    August 7, 2008 at 12:12 am |
  9. Cedric

    Why are we surprised that Iraq has a surpluss. We went to Iraq to find weapons of mass destruction and we have found none. We invested millinons in rebuilding their oil fields and recieved no money in return. It seems the peolple that are their to redevlop the country is profiting while Americans are sacrificing. I wish we could have more control over our government when it comes to wars. I would have voted no on the war resolution, not because I don't believe in war, but the justification was not sustantive. It seems that our country has suffered since we went to Iraq, ie gas prices, joblees rate on the rise, and the housing meltdown. We need to refocus our attention on Afghanistan.

    August 7, 2008 at 12:07 am |
  10. james godwin

    I can not understand why cnn-"communist news network" refuses to report on the house chamber debate that the speaker of the house refuses to air on c-span. All thses congressmen want is a up or down vote on the "American energy act'. I know why, it will show the democrats in a bad light, and all informed americans realize that cnn is definetly for the democratic party.

    August 7, 2008 at 12:03 am |
  11. Bruce Kambarami

    They have to keep building-–we have to-cause we broke the country and destroyed there infrastructure for a bogus cause-–the tax payer has to pay --why do you think companies like Haliburton are doing-- those who decided into going to war are benefiting

    August 6, 2008 at 11:54 pm |
  12. Larry Louis

    Did you ever notice when the price of crude goes up the price of gas goes up immediatly. How ever when the price of crude goes down the price of gas remains the same. Price of gas here on Maui is $4.64 for 87, $4.74 for 89, $4.84 for 92 and $5.56 for diesel.

    August 6, 2008 at 11:49 pm |
  13. Sharon

    Why does nobody ask about the father of the little 3 yr old who's mom wont talk

    August 6, 2008 at 11:34 pm |
  14. Ray Cervantez

    It's unfortunate that the the Bush administration does not have the confidence to let the Iraqis handle their financial affairs. The American economy suffers while we can't let them procure checks to the appropriate people. It is utterly outrageous!

    August 6, 2008 at 11:23 pm |
  15. Ron, Berkeley,Ca.

    All questions should be directed to Condi Rice. She probably has a side deal with the Iraq`is to fund another supertanker after her. Just like the super tanker Chevron had just before the Iraq war started . The tanker was named The Condaleeza Rice.

    August 6, 2008 at 11:11 pm |
  16. Chuck

    I find it interesting that the candidates have not made the issue of an Iraq "payback" a key political issue.

    August 6, 2008 at 10:32 pm |
  17. Sandra, Ontario

    Don, how could you? Didn't his first term as POTUS teach you anything? Bush & Cheney ruined Iraq, invaded the country on a lie with Americans' approval. You broke it, you have to fix it with your money.
    Bush, Cheney, McCain & Haliburton will loose their cut of the oil profits if Iraq has to use their windfall to pay to rebuild their country.

    August 6, 2008 at 10:30 pm |
  18. Larry

    Bush may be our president but he is not the the one that is getting $$ sent to Iraq on his own; the democrats have controlled the Congress and the House since 2006 they could have said nope. How did Obama vote on the money bills?

    August 6, 2008 at 10:26 pm |
  19. Ajoa

    Why am I not surprised that McCain tried to take credit to the
    Iraqi economic surplus and relating it to the Serge. Typical Politician.

    August 6, 2008 at 10:22 pm |
  20. Don

    @ Larry - because we have a bully for President before you say anything I voted for him twice.

    August 6, 2008 at 10:02 pm |
  21. GF, Los Angeles

    @ Larry ask Bush – he's our fearless leader.

    August 6, 2008 at 9:55 pm |
  22. Will Rhodes

    Shouldn't the US pay reparations for the invasion?

    August 6, 2008 at 9:50 pm |
  23. Annie Kate

    I hope that the news on Caylee are more encouraging than they have been. In cases of missing children I always hope for the best and sometimes it actually happens.

    Iraq should be paying us some big dollars – why do we continue to give foreign aid and loans to countries and never get paid back? Banks won't do that because they will go out of business – I bet countries can go out of business too for the same reasons. Lets use our tax dollars here to fix our country up; then if there is anything left we can do loans, etc. I don't pay my taxes to support someone on another continent; I pay taxes to fund the things my country, the USA, needs.

    Annie Kate
    Birmingham AL

    August 6, 2008 at 9:47 pm |
  24. Kent Fitzsimmons,Kewanee, IL

    Congress has to support the war efforts in Iraq because the conservative right wing people will attack the Dem Presidential candidate otherwise. They will be blamed for not supporting the troops........the whole unpatriotic lame story the GOP continues to use..........man I'm glad I can see through the GOP crap...........

    August 6, 2008 at 9:32 pm |
  25. Jeff

    Iraq has a $79 billion surplus
    America has now reached a $400 billiion deficit
    Why not let Iraq pay for some of our infrastructure or fund T. Boone Picken's solar/wind initiatives so we can start getting off oil.

    August 6, 2008 at 9:20 pm |
  26. CJ

    What would happen to all the security, oil, construction, etc. contracts that were awarded to companies like Cheney's Halliburton who are making billions at taxpayer's expense? If Iraq is going to pay, then they should have the option of negotiating the contracts as in the normal course of business. Halliburton and others will never let that happen!

    August 6, 2008 at 9:12 pm |
  27. Henry

    Because they would like to break the country and blame it on the current admin so they can have a chance at taking the election.

    August 6, 2008 at 8:52 pm |
  28. Cindy

    Larry took the words right out of my mouth!! Why has congress been giving them money if they knew how much money they have made on their oil and have stored up?

    Cindy...Ga.

    August 6, 2008 at 8:50 pm |
  29. Larry

    So why is the Democratically controlled Congress & House continuing to fund Iraqi reconstruction for the past two years?

    August 6, 2008 at 8:44 pm |