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Now Comes the Hard Part in Iraq

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Two months ago in a post on Iraq’s prospects for developing into a regional power, I parenthetically mentioned the following: Funny how we’ve heard a lot about the impact of falling crude prices on Russia, Iran and Venezuela, but not on Iraq. Two months later, we begin to hear about it (via today’s WPR Media Roundup), and with oil exports accounting for 90 percent of the Iraqi government’s revenues, the consequences have been immediate and drastic. Future reconstruction projects are being postponed, and the government will have to tap into its $35 billion oil revenue reserves not only to finance […]

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