Iraq's oil reserves

The US estimates there are 112 billion barrels of proven oil reserves in Iraq.

At the beginning of the war in Iraq, oil traded for about $30 a barrel. It now trades at $142.

So in 2003, Iraq’s oil was worth $3.36 trillion (About 3 months of US GDP)
In 2008, Iraq’s oil is worth $16.13 trillion (More than 1 year of US GDP of $13.13 trillion. The US accounts for a quarter of total global GDP)

Ireland’s GDP is variously reported around €200 billion a year. It would take Ireland more than 65 years of GDP at current levels to match US GDP for one year. It would take more than 80 years to equal the current value of Iraqi oil.

The war is thought to have cost up to $1 trillion. The US consumes about 21 million barrels of oil a day. At current consumption levels Iraq would provide the US with oil for 5,333 days, or nearly 15 years.

I’m not drawing any conclusions or making any assessment, I just think the figures are interesting.