Now, with the Islamic State’s self-proclaimed caliphate having captured key oil wells in the Middle East this year, foreign oil has become an even more lethal financial weapon-of-choice for those seeking to destroy democracy and further escalate the War on Terror.
That President Barack Obama failed even to mention oil as a critical factor in the war against IS during his speech to the nation on September 10, is an omission both revealing and dangerous in terms of how his administration wants to depict the stakes involved in this latest confrontation with the jihadis.
America’s failure to achieve energy independence over the last 30 years has resulted in exponential oil price increases that have hurt our nation. Trillions of dollars have left, and billions more continue to leave our economy to purchase oil from countries that seek our destruction, and to support madrassas [Islamic religious schools] that teach new Muslim generations how to hate — and worse.
Now, with the self-proclaimed caliphate of the Islamic State [IS] having captured key oil wells in the Middle East this year, foreign oil has become an even more lethal financial weapon-of-choice for those seeking to destroy democracy and further escalate the War on Terror.
Recent reported developments: The Islamic State accelerated its rampage through northern Iraq at the beginning of the summer. Its terrorists quickly captured seven oil fields in the region with the capacity to produce 80,000 barrels of oil per day – assets worth, at international market prices, around $240 million per month.
The IS met virtually no armed resistance as it seized these fields. Indeed, two of them, Najma and Qayara, had already been abandoned as far back as February, when Sonangol, an Angolan company with a 75% stake in the fields, announced that its operations were no longer feasible because of the prevailing climate of insecurity.