The Islamic State’s control and sale of Iraqi oil could lead to ‘global catastrophe’
Pamela Geller / Atlas Shrugs
 
We liberated Iraq from a vicious dictator, only to have the uber-left Democrat President lost it to the very jihadists we sought to defeat –

Now it’s not oil for food, it’s oil for jihad.

The Islamic State now controls seven oil fields and two small refineries in northern Iraq, bringing in as much as $2 million per day, as experts warn that the oil flow will continue translating into terror funds for militants if unchecked.

Add it to the long list of Obama’s epic failures, or perhaps successes, if you are — as he seems very much to be — pro-jihad.

ISIS’ thirst for oil could lead to ‘global catastrophe’ if unchecked, experts say,” By Joshua Rhett Miller, Fox News, August 21, 2014 

Islamic State’s thirst for blood has the world on edge, but its equally insatiable yearning for oil could prove a “catastrophe” for the global economy if the terror organization isn’t stopped, experts say. 

The jihadist group, formerly known as ISIS, now controls seven oil fields and two small refineries in northern Iraq, bringing in as much as $2 million per day by selling up to 40,000 barrels via middlemen in illicit deals. The black market oil sells for roughly $25 to $60 per barrel, compared to the current market rate of $102, according to Luay al-Khatteeb, founder and executive director of the Iraq Energy Institute. And while this is a veritable drop in the global bucket of oil production, the...

Read the whole entry »

     

• Email to a friend • Article Search •