If the violence in Iraq spins out of control, global crude prices could skyrocket
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During a june 19 White House press conference, U.S. President Barack Obama gave all the expected reasons for acting against the Islamic State of Iraq and Greater Syria (ISIS): worrying instability in the Middle East, the risk of jihadist blowback in the West, simple human suffering. But the President noted one more reason for intervention in Iraq that U.S. policymakers have usually downplayed in the past. “In addition to having strong allies there that we are committed to protecting, obviously issues like energy and global energy markets continues to be important,” said Obama. In other words: We need Iraq’s oil.