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Friday, September 29, 2006

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Violence affects Iraq oil revenues

Insurgent attacks have had a severe impact on the Iraqi oil industry's bottom line, according to this report. By this point -- even if one ignores Bob Woodward's hysterical please-give-me-press-I'm-Bob-Woodward pronouncements -- no one can deny the insurgency is having a great deal of success, but this new information shows just how much.

The country has lost $16 billion to sabotage and aging equipment. It's hard to conceptualize that kind of money, but it's one more example of how disruptive violence can be on a financial level. This could hamper attempts to get the economy in Iraq going.

Robert VerBruggen blogs at http://robertsrationale.blogspot.com

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posted by Robert VerBruggen at 5:11 PM