Funding for Iraq

• Organization of the Petroleum Exporting Countries - (OPEC). OPEC Countries produce about 41 per cent of the world's oil and 55 per cent of the oil traded internationally.
  Therefore 8.6% of OPEC's oil comes from Iraq, and 4.7% of the oil traded internationally comes from Iraq.
  Similarly, 30.4% of OPEC's oil and 16.7% of the oil traded internationally comes from our friend Saudi Arabia.
• American Petroleum Institute Fact Sheet, 11 million barrels/day are imported by the U.S. each day with total consumption of 20 million Barrels/day.
• Federal Government Statistics International Economic Statistics Briefing Room - crude oil and refined petroleum products imports were at 8.62 Million Barrels per Day as of December, 2002. Therefore the U.S. imported 404.2 thousand barrels/day from Iraq and 1439.5 thousand barrels/day from Saudi Arabia.
• Upstream Online put the average cost of OPEC oil at 28.39 US$/bbl in December 2002. (It is over US$32 per barrel now, March 2003.) This means that Iraq earned US$11.4 MILLION per day selling crude oil to the U.S.. Our friends the Saudis earned $40.9 million/day.
• Environmental Defense - about 45% of each barrel of oil is turned into gasoline. This means that Iraq earned US$5.2 million/day from selling gasoline to the U.S.. Our friends the Saudis earned $18.4 million from gasoline.
  Remember, the refineries buy the oil through brokers. We don't get to pick which OPEC countries we buy oil from.
• Vican Pump Conversion Factors - Barrel of Oil = 42 US Gallons.
  Therefore Iraq sold 7.6 million gallons of gasoline/day to the U.S.. Our friends the Saudis sold 27.2 million gallons of gasoline/day.
  The cost for the crude oil is US$0.063/gallon of gasoline. OPEC's 55% of that is US$0.35/gallon.
  Iran gets 4.7% of that, or 5 cents/gallon of gasoline sold in the US. Saudi Arabia gets 16.7% or 19 cents/gallon.
• National Association of Convenience Stores - 29 percent of the price of gasoline is due to federal and state taxes. 16 percent of the price is from the cost to refine crude oil into gasoline. 13 percent of the price comes from all other costs associated with getting the gasoline into your gas tank. 42 percent of the price of each gallon is the cost of crude oil on the world market.

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