Iraqi gasoline is the cheapest in the world at $.05 per gallon

A new report indicates that while Iraq's economy remains in a shambles and the prospect of future growth is still dim, Iraqi citizens do enjoy some of the least expensive gas prices in the world.

The International Monetary Fund says Iraqi drivers currently pay an average of 5 U.S. cents a gallon (1.32¢/L) for gasoline. This contrasts to averages of $2.55 (67.4¢/L) in the United States and $6.24 ($1.65/L) in Great Britain. Even neighboring Iran pays more at the pump than Iraq; 38 cents a gallon (10.0¢/L).

The low cost is due in large part to generous pre-war government subsidies on petroleum products that remain in place today.

In its report, the IMF warned the subsidies are a threat to economic growth in the country. The country still suffers near daily insurgent attacks, high unemployement, inflation, and frequent electrical, water, and sewage service disruptions.

Meanwhile, Iraqi oil output continues to recover. Prior to Operation Iraqi Freedom, Iraq's daily output of crude was 2.5 million barrels a day. This week, oil production is 1.6 million barrels per day. Iraq's oil reserves are estimated at nearly 115 billion barrels, the third largest in the world.

Over 50 dead after Iraq bombing !

Tuesday, June 17, 2008

A photo of a previous bombing in Iraq

A bombing in the Iraqi capital of Baghdad has killed 51 people, according to local police. The car bomb exploded near a bus stop in the Hurriya area, which is mainly populated with Shia Muslims. 75 people were also wounded by the attack.

This bombing, which set over twenty shops alight, has a higher death toll than any other bombing in Baghdad over the last three months.

The attack follows an effort by the Iraqi and US forces to increase the security situation in Iraq, which has suffered many attacks since the 2003 invasion by coalition forces.

Fire and explosions kill at least 30 in Iran !

Monday, May 26, 2008

A fire and string of explosions at a chemical factory in Iran have killed at least 30 people. State news agency IRNA says at least 38 more are injured at the facility near Shazand in the industrial province of Markazi.

IRNA reports that a 60,000 litre chemical reservoir exploded to trigger the disaster, which may have been caused by nearby welding work.

23 of the injured people are reported to have sustained burns accross 70-100% of their body. It is unclear what was manufactured at the factory, with RTE reporting that it was a pharmaceutical plant, and Agence France-Presse saying the site was used to produce cosmetics and detergent.

Local officials say the property has been almost completely destroyed, but the fire has been brought under control. The fire had rapidly spread from the building of origin to the rest of the complex, leaving roofs caving in and many vehicles burnt out. Some of the dead are charred beyond recognition.

Lebanon elects army chief as president

Monday, May 26, 2008

Michel Suleiman officially became the President of Lebanon yesterday after a series of events that had delayed the election by over a year were concluded.

Some people in the Lebanese capital, Beirut, set off explosives and fired guns to celebrate the victory.

The Lebanese coat of arms

US President George W. Bush released a statement regarding the victory: "I congratulate Michel Sleiman on his election as President of Lebanon."

Bush continued, "I am confident that Lebanon has chosen a leader committed to protecting its sovereignty, extending the government's authority over all of Lebanon, and upholding Lebanon's international obligations under UN Security Council Resolutions, including 1559, 1701 and 1757."

"I am hopeful that the Doha Agreement, which paved the way for this election, will usher in an era of political reconciliation to the benefit of all Lebanese. We look forward to working with President Sleiman in pursuit of our common values of freedom and independence."

15 dead confirmed after Iraq bombing

Sunday, June 22, 2008

A photo of a previous bombing in Iraq

A bombing in the Iraqi province of Diyala has killed 15 people, according to local officials. The suicide bomb exploded at the entrance to a local government centre in the city of Baquba, which is one of the most deadly areas in Iraq. 39 people were also wounded by the attack.

An anonymous witness of the blast described the bomber. "I heard some of the injured people saying they saw a woman wearing a black robe blow herself up."

This attack comes after a bombing on Tuesday killed 51 people, according to local police. That bomb exploded near a bus stop in the Hurriya area, which is mainly populated with Shia Muslims. 75 people were also wounded in Tuesday's attack, which was the deadliest in the area for three months.