The focus has turned to rebuilding Iraq’s economy as many American troops withdraw. During Saddam Hussein’s dictatorship Iraq’s economy was mainly based on one commodity: oil. Iraq is oil rich with a reserve second only to Saudi Arabia. However, the war devastated the entire oil industry in Iraq. Sound economic practices are necessary for Iraqis to return their lives and their country to a prosperous condition.
The consensus seems to be that oil is the key to the return of economic prosperity in Iraq. Iraq’s Oil Ministry recently announced that drilling will begin in the southern Gharraf oil fields (09-10-10) in hopes of pumping more oil for global sale. Most experts agree that Iraq must return to the global market in order to attract foreign investment dollars and funding for Iraqi rebuilding efforts.
One very interesting solution for providing power to the Iraqi people is solar power. At this point in time Iraq is not capable of producing electricity to meet the needs of industry and homes; its electricity production is actually only about a third of its capacity. The Iraqi government is carefully studying the role that solar power may play in providing the country’s energy needs in the future, particularly in non-urban areas. The Iraqi national power grid is inefficient. Due to plenty of surface area, sun and solar radiation, Iraq is a prime candidate to benefit hugely from the installation of solar panels. Off-grid solar technology would be a quick method for providing efficient, reliable, relatively inexpensive electricity to the entire country.
Iraq’s return to prosperity will take time. Many nations have pledged to help Iraq rebuild its infrastructure and to invest in developing industries. Iraq has many natural resources; with sound practices prosperity for the Iraqi people is not far away.