Iraq Is Failing to Spend Billions in Oil Revenues
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Iraqi bureaucrats are so fearful and confused by anticorruption measures that they are afraid to sign off on contracts.
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The measure does not set a timetable to withdraw U.S. troops but requires the Iraqi government to meet a series of benchmarks.
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The Middle Kingdom can't find enough oil to meet booming domestic demandÂand the world is paying the price at the pump
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Oil prices tumbled below $47 on  Monday after OPEC producers agreed to keep crude output  unchanged for now and Iraq's elections passed without  disruption to oil exports.
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Oil prices held just below the $47 mark on Monday as Iraq resumed exports from both its northern and southern outlets after lengthy disruption, despite fierce fighting in the holy city of Najaf.
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World oil prices skidded on Monday as Iraq pumped oil through its southern pipelines and Russia vowed to step up exports, but analysts said the days of high prices were not yet over.
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The United States has still only  spent a small portion of the $18.4 billion it set aside for  rebuilding Iraq, a new government report shows.
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Failure by the United States to stop postwar violence in Iraq has crippled efforts to rebuild an essential part of the Iraqi economy -- agriculture, according to U.S. government officials.
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Oil prices dropped sharply Monday, falling below $42 US per barrel, as last week&#39;s selloff continued despite sabotage of Iraqi oil infrastructure that curbed exports.
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World oil prices fell sharply again on  Tuesday as Iraq restored oil exports and hedge funds continued  the rush to take profits from record highs.
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NEW YORK -- Internal auditors at the United Nations failed to investigate allegations that Iraq siphoned billions of dollars in illicit profits through kickbacks from companies that bought more than $64 billion in oil and humanitarian goods, depriving the organization of a "potentially powerful agent in helping to ensure accountability," a UN-appointed investigator said last night.
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WASHINGTON -- At least $8.8 billion in Iraqi funds given to Iraqi ministries by the former US-led authority there cannot be accounted for, according to a draft US audit set for release soon.
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The United States, Britain and their allies in Iraq cannot afford to let the country become a &quot;failed state,&quot; Britain's former ambassador to the United Nations said.
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The U.S. has paid out millions to help Iraqis rebuild their war-damaged homes. But cash is limited and the process can be slow
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Iraq has one of the world's largest oil reserves, but the Iraqi army can't get enough fuel for its tanks. It also can't get spare parts for its trucks or supply ammunition on its own.
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Oil prices made an about face Friday, falling below $48 a barrel, as tensions between U.S. forces and rebel fighters in Iraq eased, raising hopes that attacks against the country's oil infrastructure would subside.
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The Iraqi government has failed to meet the vast majority of political and military goals laid out by lawmakers to assess President Bush's Iraq war strategy, congressional auditors have determined.