The Crude Wealth of Iraq

 

Henry Thompson

 

World wealth is shifting toward the owners of crude oil making every Iraqi a present value millionaire. Total energy consumption is increasing with energy alternatives decades away. Energy prices and the energy share of income will increase going to the owners of oil. The Arab Gulf has over half of the world proven oil reserves. Oil in the ground is money in the bank making Iraq wealthy. If Iraq invests a quarter of its oil revenue over the coming decades, it will match rich countries in assets per capita.