**GAO-07-1107T**                      Published: Jul 18, 2007. Publicly Released: Jul 18, 2007.                  

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## Highlights

Rebuilding Iraq's oil sector is crucial to rebuilding Iraq's economy. For example, oil export revenues account for over half of Iraq's gross domestic product and over 90 percent of government revenues. This testimony addresses (1) the U.S. goals for Iraq's oil sector and progress in achieving these goals, (2) key challenges the U.S. government faces in helping Iraq restore its oil sector, and (3) efforts to enact and implement hydrocarbon legislation. This statement is based on our May 2007 report and updated data, where appropriate.

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## Topics

International Affairs

BudgetingCritical infrastructureCrude oilCrude oil pipeline operationsFederal aid to foreign countriesFederal fundsForeign governmentsInternational organizationsIraq War and reconstructionOil resourcesPetroleum legislationSmugglingStrategic planningCorruption