It costs about $5 to produce oil in Iraq. Google and read, "Iraq Doses the Market with Oil". It seems every one knows this, but you. In Google read, "ConocoPhillips reports $1.1 billion global loss, but earnings in Alaska...", it states COP earned $54 million in second quarter and Lowman, stated oil production is up 5,000 barrels per day, over the same period, last year. What cuts Walker made, you tell me.