Iraq: Access to Oil Makes ‘Islamic State’ a Greater Threat than Al-Qaeda

Aug 27, 2014 | Investor Intel
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Iran, the Arab States of the Persian Gulf region and North Africa discovered oil in the first half of the 20th century. They used the proceeds of oil sales – boosted by the 1973 oil embargo and various nationalizations – to advance their societies. Governments from Libya to Iraq to Saudi Arabia and Oman have used oil to fund education, healthcare and social welfare programs.