While on vacation last week in South Carolina, I noticed a steep drop in the price of gas. By the time we came back home, I was paying $2.86 per gallon. In some states it’s even lower, a 55-cent swing from what I paid in Georgia.
Not only is this good news for consumers; it’s also bad news for the Islamic State.
Members of ISIS do not work for a living. They don’t have jobs.
They are professional terrorists.
They are most likely funded with oil money. When the price of oil drops, so does their income.
The following is from the Financial Times:
“Saudi billionaire investor has sounded the alarm over the potential impact of falling oil prices on the Gulf kingdom’s economy.
“In an open letter to Saudi ministers posted via Twitter, Prince Alwaleed bin Talal al-Saud expressed his “astonishment” at comments made by Ali al-Naimi, the oil minister, who reportedly played down the impact of oil prices falling below $100 a barrel. Prices have since fallen below $88 a barrel, or a quarter since June.”
A year ago, Alwaleed bin Talal had warned that oil prices were going to drop because of increased production in the United States:
“Billionaire Prince Alwaleed bin Talal said the Gulf Arab kingdom needed to reduce its reliance on crude oil and diversify its revenues.
“His warning comes as rising shale energy supplies in the United States cut global demand for Saudi oil.
“In an open letter to his country’s oil minister Ali al Naimi and other government heads, published on Sunday via his Twitter account, Prince Alwaleed said demand for oil from Organisation of the Petroleum Exporting Countries (OPEC) member states was ‘in continuous decline.’”
The Saudis will cope with decreased revenue, “either by cutting spending or dipping into reserves or borrowing.” One way they will cut spending is by reducing the money they funnel to terrorists. They have a lush lifestyle and building programs to finance to keep the general population placated. If oil revenue drops, the people will get restless.
The longer we can put the pressure on by out producing the Saudis and their member oil states, the sooner we can dry up their reserves of money and oil…