halliburton and waxman

Forbes covers the controversy recently raised by Rep Henry Waxman (D-CA) that Halliburton appears to be over billing for gasoline in Iraq.

Waxman said army documents showed that as of Sept. 18, the United States had paid Halliburton $300 million to import about 190 million gallons (719 million litres) of gasoline into Iraq.

Halliburton charged an average price of $1.59 per gallon (3.7 litres), excluding the company's fee of 2 percent to 7 percent, said Waxman.

He said the average wholesale cost of gasoline during that period in the Middle East was about 71 cents a gallon, a figure an oil industry source told Reuters was accurate. That meant Halliburton was charging more than 90 cents a gallon to transport fuel into Iraq from Kuwait.

Read the rest in Forbes, U.S. lawmaker says Halliburton overbills in Iraq The article also mentions the two contracts up for bid to replace Halliburton's no-bid contract, one for the North and one for the South, will be announced later this month.