Iraq owes Britain about 1 billion dollars which, along with 199 billion debt from others, the US is trying to get us to drop.

Iraq produces something around 3 million barrels of oil per day. Thats 1.1 billion a year. At the current price touching $50 per barrel, thats about 55 billion dollars a year, with estimates suggesting 165 billion a year by 2006.

That aside, what I'm really interested in is what Iraq owes us $1 billion for? What did we supply to Iraq that they haven't paid for yet?