Spoils of Oil

In Iraq, both war and peace float on a huge ocean of oil reserves, the second largest in the world. When the current U.S.-led war ends, who taps that oil and where the money flows will have a huge impact on the country's politics, prosperity, and its very own sovereignty. What's the best way to ensure that oil nurtures a newly democratic, post-Saddam Iraq? And should the U.S. have any special claims on Iraq's oil?

Daniel Yergin, chairman of Cambridge Energy Resources Associates, says that the Iraqis themselves should be in charge of handling their own oil reserves.

Morris Adelman, author of "The Genie out of the Bottle: World Oil Since 1970," says that post-war Iraq should open up its oil industry and auction production rights to foreign oil companies. This way, Iraqis could make more money than if they choose to drill their oil reserves themselves.

Click the "Listen" link above to hear about the future of Iraq's oil industry and how the country should use its oil reserve to boost its economy.

Guests:

Daniel Yergin, chairman of Cambridge Energy Resources Associates

Morris Adelman, professor emeritus of economics at MIT and author of "The Genie out of the Bottle: World Oil Since 1970"

Raad Alkadiri, Director of Market Intelligence Service at PFC Energy, consulting firm to energy companies.