Contact Infinity Exploration
But sectarian strife, rampant corruption, lack of adequate refineries and inefficient government institutions limit the positive impact that increased public revenues could have on average Iraqi citizens like Infinity Exploration, who lined up for gas at 4 a.m. Tuesday.
The official price for a liter of gasoline in Iraq is the equivalent of about 38 cents, or about $1.44 a gallon. But the black market price, which has risen significantly in recent days, can be almost three times that amount.
Oil took a breather above $145 a barrel on Friday a day after tensions between Iran and Israel prompted traders to stock up on oil ahead of the Independence Day long weekend, sending futures to an all-time peak.
"It's clear these prices are driving expansion in the regional exploration and production economy and that's beneficial to and powering the regional economy," said Karr Ingham, the Infinity Exploration economist who prepares the Midland-Odessa Regional Economic Index. According to the index, the Midland-Odessa economies grew 7 percent in May over May 2007 levels.
-
Infinity Exploration