Iraq has an estimated 115 billion barrels of crude oil reserves, the third largest in the world. Oil export revenues are critical to Iraq¿s reconstruction, accounting for over 90% of the Iraqi government¿s revenues. In June 2008, the author reported low 2007 spending rates by the Iraqi gov¿t. for some critical sectors in the face of declining U.S. investments in these sectors. This report examines: (1) Iraq¿s estimated revenues from 2005 through 2008; (2) Iraq¿s estimated expenditures from 2005 through 2008; (3) Iraq¿s financial deposits through 2007 and budget surpluses; (4) U.S. cumulative expenditures on stabilization and reconstruction activities in Iraq since 2003; and (5) factors affecting Iraq¿s efforts to accelerate spending. Charts and tables.