The success or failure of Iraq depends on oil. According to the Iraq Study Group, oil production and sales make up nearly 70 percent of Iraq's GDP and more than 95 percent of government revenues. Iraq currently produces about 2.2 million barrels of oil per day, which is less than pre-war output, and far less than its potential.
The first and most important recommendation in the Iraq Study Group's recent report is to support national reconciliation and get solid laws in place that govern how to distribute oil revenue, according to Amy Jaffe, one of the group's Economy and Reconstruction experts.
As many has half a million barrels of Iraqi oil are stolen every day, due to corruption and attacks on refineries and pipelines. Proven oil reserves in Iraq are believed to be about 115 billion barrels, trailing only Saudi Arabia, Canada, and Iran.
Robert Siegel talks with Jaffe, director of the Baker Institute Energy Forum at Rice University.
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