The Crude
Wealth of Iraq
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.