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WEDNESDAY, NOVEMBER 25, 2009
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Iraq to Net Record $70B Oil Windfall

Congress calls for aid cuts after revenue forecast doubles

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(Newser) – US analysts estimate that record-breaking oil prices and a fall in insurgent attacks on pipelines will boost Iraq oil revenue this year to $70 billion—double earlier estimates, the Wall Street Journal reports. The latest figure has sparked a call among US lawmakers to demand that Iraq pay more of its reconstruction costs. But the White House has warned that slashing aid could prolong the war.

An oil tanker, Patris, is seen docked next to Iraq's vital al-Basra oil terminal, in Persian Gulf waters, Wednesday, Feb. 27, 2008.
An oil tanker, Patris, is seen docked next to Iraq's vital al-Basra oil terminal, in Persian Gulf waters, Wednesday, Feb. 27, 2008.   (AP Photo/Kamran Jebreili)
An oil tanker, Episkopi, is seen docked next to Iraq's vital al-Basra oil terminal, in Persian Gulf waters, Wednesday, Feb. 27, 2008.
An oil tanker, Episkopi, is seen docked next to Iraq's vital al-Basra oil terminal, in Persian Gulf waters, Wednesday, Feb. 27, 2008.   (AP Photo/Kamran Jebreili)
An Iraqi soldier stands guard as a pipeline burns after an explosion northeast of Tikrit, Iraq, Monday, Feb. 11, 2008. Attacks on pipelines have fallen, meaning Iraq's oil revenues could jump.
An Iraqi soldier stands guard as a pipeline burns after an explosion northeast of Tikrit, Iraq, Monday, Feb. 11, 2008. Attacks on pipelines have fallen, meaning Iraq's oil revenues could jump.   (AP Photo/Bassem Daham)
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Reuters

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Associated Press

Oil prices mean windfall for Iraq
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