So for now, Iraq's treasure sits untapped.
For greater insight Fast Money turns to General Barry McCaffrey, NBC News Military Analyst and a retired 4-star general. Following is a synopsis of the conversation.
What must the Iraqis do to get the oil flowing?
The Iraqis must develop some internal security, says General Barry McCaffrey. And they need a hydro-carbon sharing law as well as provincial elections. If that happens, then oil will come into the markets.
How much longer will that take?
I think 5 years from now Iraq will be a functioning state at peace with its neighbors and oil will be coming out of its pipeline.
Traders how would you play it, today?
I like oil services. Look at Baker Hughes and Halliburton , says Pete Najarian.
If you play oil services make sure to hedge your bet with USO puts, adds Karen Finerman.
Or look at Jacobs Engineering and Flour Corp , says Guy Adami.
Just get long the United States Oil Fund , exclaims Jeff macke.
> Energy Outrage: Ethanol
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Trader disclosure: On May 28, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Macke Owns (INTC), (WMT), (MSFT); Adami Owns (C), (GS), (INTC), (MSFT), (AGU), (NUE), (BTU); Najarian Owns (AAPL), (BHI), (BUD), (TSO), (XLF), (HPQ), (ANR), (ENER); Najariain Owns (EXPE) Calls; Najarian Owns (BAC) Puts; Finerman Owns (GS); Finerman's Firm Owns (AAPL), (AEO), (MSFT), (RL), (SUN), (TSO), (VLO), (WLP); Finerman's Firm Owns SPX Index Puts; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm And Finerman Own (HD); Finerman's Firm Is Short (IYR), (IJR), (MDY), (IWM), (SPY), (BBT)