Iraq hoarding oil profits?

The soaring price of oil will leave the Iraqi government with a cumulative budget surplus of as much as $79 billion by year’s end an American federal oversight agency has concluded in an analysis released on Tuesday.

The unspent windfall, writes James Glanz for The New York Times, from oil sales from 2005 through 2008, appears likely to put an uncomfortable new focus on the approximately $48 billion in American taxpayer money devoted to rebuilding Iraq since the American-led invasion.

I…