I doubt there is any human alive that could estimate within any reason how much oil is below the ground in Iraq. Consider all the oil supposedly under the ground in Saudi Arabia, and we receive less than 20 percent of our oil from them. Unfortunately, the reserve Iraq has does not supply a sufficient amount of natural gas to even supply their own country. It's a known fact that even during Iraq's peak production of oil, they had to trade oil for natural gas to meet their NG requirements. Also, they could have a sizeable reserve of oil below the ground but you aren't going to get it for less than the going price, if you could get it at all. There is a sufficient supply of NG in Alaska to supply the U.S. for a good deal of time, but we have no way of economically getting it here. It would cost 20 billion to build a pipeline and it would be cheaper to buy from Canada. Besides, we only get about 16 to 20 percent of our NG from Canada. They need some for themselves too. Further, you must know that the U.S. isn't the only country that needs oil and gas. People in the rest of the world would sure like to get ahold of some of this supposed billions of gallons of oil, considering some of them are paying 7 to 8 bucks a gallon for it. Look at the oil in Nigeria. What on earth do you think the latest strike was about in that country. Would you believe it is about the short supply of gasoline in that country and the high price of gas. Can you be more realistic. Good luck.
That sounds a little absurd as the U.S. currently uses 7 billion barrels per year and consumption will increase in the future. I haven't heard anything to the effect that Iraq has over 700 billion barrels of proven, probable and pie-in-the-sky reserves.