Iraq (2004) | Iraq’s Oil Resources Can Lay the Foundations for Future Development

The epic Gilgamesh tells the story of a Noah-like flood that engulfs ancient Mesopotamia in what is now Iraq. A modern version of the Gilgamesh myth is around today. It is the story of how a great flood of oil will flow from the fields of Iraq, not only transforming the world oil market but also liberating Iraq from the economic desperation left behind by Saddam Hussein.1

Like so many myths, this modern Gilgamesh is partly true but also contains a great deal of exaggeration. Iraq is certainly a country with huge petroleum reserves. . . . But reserves in the...

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