ISIS' Thirst For Oil Could Lead To 'Global Catastrophe' If Unchecked, Experts Say -- FOX News
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 crude spigot will continue translating into terror funds for Islamic State militants if unchecked, al-Khatteeb and other experts told FoxNews.com.
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My Comment: Every significant military in the world needs money to survive .... for the Islamic State it needs to expand it's control of more oil fields if it ever wants to meet it's aspirations of becoming a Caliphate. My prediction ... it is not going to be easy for them to have that control, and while I do expect them to fail on this front, the damage that they are going to cause on oil prices and markets has the potential of being short of devastating.
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