March 27, 2003: Wolfowitz Says Iraqi Oil Will ‘Finance Its Own Reconstruction’

Deputy Defense Secretary Paul Wolfowitz tells the House of Representatives Appropriations Committee that Iraq’s oil wealth will help fund post-war reconstruction. “There’s a lot of money to pay for this that doesn’t have to be US taxpayer money, and it starts with the assets of the Iraqi people,” he says. “On a rough recollection, the oil revenues of that country could bring between $50 billion and $100 billion over the course of the next two or three years.” [St. Petersburg Times, 4/2/2003; Financial Times, 1/16/2004] He adds, “We’re dealing with a country that can really finance its own reconstruction, and relatively soon.” [New York Times, 10/5/2003; CNN, 4/15/2004]