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Fuel Freedom Staff

Report: ISIS keeps making money from oil despite airstrikes

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Islamic State, or ISIS, continues to earn millions from ill-gotten crude oil sold on the black market, according to a story by the Reuters news service.

ISIS is “still extracting and selling oil in Syria and has adapted its trading techniques despite a month of strikes by U.S.-led forces aimed at cutting off this major source of income for the group, residents, oil executives and traders say.”

This report largely contradicts a story last week by Bloomberg, which has done extensive reporting on ISIS’ finances.

(Photo credit: Shutterstock)

Fuel Freedom Staff

Can David S. Cohen cut off ISIS’ oil revenues?

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Islamic State, or ISIS, is the world’s most well-financed terrorist network, owing to at least $1 million a day in illicit oil revenues. But David S. Cohen, under secretary for terrorism and financial intelligence at the U.S. Treasury Department, expects to make a dent in ISIS’ finances “long before 36 months,” referring to the timeline President Obama laid out last month for the U.S.-led military campaign designed to “degrade and destroy” the group.

Read more in The New York Times.