Iraq produces less oil now than under Saddam

The U.S.-led invasion has resulted in the loss of an average of 2 million barrels a day of Iraqi oil from world markets. That is a significant number with huge consequences for economies around the globe. Instead of rosy promises by the neoconservatives of the Bush administration who pushed for the invasion — partly on the premise that they would turn it into America's private gasoline-pumping station — the contrary has occurred.

The world has lost Iraq's oil.