US to run oil industry until authority in place

THE US plans to run Iraq’s oil industry until an Iraqi interim authority can take it over, sources familiar with the evolving plan said on Friday.

It is uncertain how long the US would operate Iraq’s oil industry, the country’s main source of revenue. US officials say they want to turn over Iraqi ministries to Iraqis as quickly as possible.

The UN oil-for-food program is continuing under a new UN resolution, using oil revenues to pay for humanitarian assistance for the Iraqi people.