Before the war in Iraq began, many policymakers and oil industry experts believed that Iraq's oil industry, with the second-largest proven reserves of light crude in the world, would recover and provide most of the funds needed for Iraq's reconstruction. On March 27, 2003, for example, Deputy Secretary of Defense Paul Wolfowitz said that Iraq's oil revenues could bring between US$50 and $100 billion within two or three years following the country's liberation. "We're dealing with a country that can really finance its own reconstruction, and relatively soon," he said.[1] Iraqi National Congress leader Ahmad Chalabi promised that American oil...