Iraq is also one of the few countries that still contains light sweet crude oil, which is easier to refine and produces better yields. Most of the oil found around the world is heavy sour crude, which is much thicker, contains more sulfur and is harder to refine.
I don't know how the claim can be made that Iraq's military was paralyzed in 2000 (while Bill Clinton was president) due to bombing on a weekly basis. No one was bombing Iraq since the first Gulf War. There was a gap between the wars when we were only using air strikes defensively when they aimed their weapons at our patrol aircraft.
We never took any of the oil after the second Gulf War and we certainly do not control it today.
One reason we were in Iraq may have been due to oil, but it was Dick Cheney's misguided belief that the way to establish peace in the Middle East was through the creation of a Democracy that was supposed to cascade through other dictatorial countries. That might have worked if the Middle East was not dominated by Muslim countries. The idea was to secure the flow of oil by creating Democracies that would no longer fight with each other.
"Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin