Well, misery loves company, right? Just in case you were thinking your slumping 401k was bad, the Iraqi govenment said it's expecting a $15 billion drop in budget for 2009 due to lowered oil prices. Iraqi parliament lawmaker Abbas al-Bayati said the 2009 budget was based on $120 oil prices, and the drop to around $70 will cause the country to have to cut spending from $79 billion to $64 billion. Now, I know all of you want to shed tears at the thought of not sending a larger amount of your dollars over to Iraq, but have heart! The Iraqis do have other options, which I will share with you now. 1. Saddam Hussein museums: Nothing says guilt money like tourists flocking to see the sites of atrocities. Hey, if people will travel to Auschwitz or Salem, Massachusetts, odds are they wouldn't mind seeing some of Hussein's torture chambers. 2. Amusement parks: Think of all the fun that can be had at an Iraq-themed amusement park. How about a ride that travels through the political quagmire of the war? Or patrons can take turns pulling down a large, mock statue of Hussein. And for the kids, think of the hours of fun to be had crawling through the spider-hole tunnels. But children are warned not to kick the Chemical Ali costumed characters too hard, who knows what will leak out. 3. Film studios: Look, Hollywood's going to keep on making anti-war movies no matter how poorly they do at the box office. You want them to make those things out in the Mojave Desert? Heck know, we know the modern filmgoer demands authenticity. I say set up a film studio smack dab in the middle of the Green Zone. If George Clooney wants to make a statement, let him do so in the thick of it. 4. Class trips: Give students a chance to visit the Tigris and Euphrates river valley and see where civilization began. After spending a few days there, they'll realize why most human beings left. The Iraqis are free to use any of these, I 'm sure they could use the added revenue. –Stephen Payne, Editor, Oil and Gas Investor This Week; www.OilandGasInvestor.com; spayne@hartenergy.com
Recommended Reading
Chord Energy Goes Long: Bakken E&P Investigating Four-mile Laterals
2023-11-07 - With the continued success of its three-mile lateral wells, Williston Basin operator Chord Energy reported higher-than-expected production volumes in the third quarter and is exploring even longer horizontal drilling.
Post Bankruptcy, Weatherford Revenues Up as Company Reinvents Itself
2023-10-30 - As Weatherford International crawls out of its bankruptcy hole, the company is finally starting to deliver results, CEO Girish Saligram says.
Commentary: How Deals Are Getting Done (and Financed)
2023-10-05 - The shifting bank market is more based on company size, while regional banks remain the backbone of reserve-based lending.
Petrobras Eyes Capex of $102B Under New Strategic Plan
2023-11-28 - Petrobras plans to invest $102 billion between 2024-2028 under its new strategic plan, up 31% compared to their 2023-2027 plan, aiming to achieve production of 3.2 MMboe/d by the end of the five-year timeframe.
NOV CEO Clay Williams on Navigating Oil and Gas’ Latest Upcycle
2023-10-30 - After deep cuts in the latest period of commodity turmoil, NOV CEO Clay Williams said the company’s kept up with technology spending and is pioneering a “new way of drilling.”