Saturday, May 12, 2007
When you have no meters in place
There is no way to meter the flow of, oh let's just say for example, crude oil. That situation will give rise to a report suggesting a shortfall of 100,000 to 300,00 barrels per day between the amounts produced and the amounts accounted for.
Between 100,000 and 300,000 barrels a day of Iraq’s declared oil production over the past four years is unaccounted for and could have been siphoned off through corruption or smuggling, according to a draft American government report.Four years after the invasion and occupation of Iraq by a bunch of Texican oilmen, and they are just now getting around to metering the flow at the wellheads and terminals. Obviously this is the work of all those bad guys over there.
Using an average of $50 a barrel, the report said the discrepancy was valued at $5 million to $15 million daily.
The report does not give a final conclusion on what happened to the missing fraction of the roughly two million barrels pumped by Iraq each day, but the findings are sure to reinforce longstanding suspicions that smugglers, insurgents and corrupt officials control significant parts of the country’s oil industry.
As sizable as a discrepancy of as much as 300,000 barrels a day would be in most parts of the world, some analysts said it could be expected in a country with such a long, ingrained history of corruption.Needless to say, Halliburton would fit nicely into this environment.
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