In recent news the Obama administration has defined its campaign against the Islamic State and its aims. President Obama has defined one of his main goals to demonstrate the seriousness of America’s commitment to defeating IS. Obama has stated that this is going to be a long-term campaign. One of the tactics the United States is trying against the Islamic State is to bankrupt them. The American military campaign against the Islamic State has begun to cut into the Sunni militant group’s substantial oil revenues. David S. Cohen, the Treasury under secretary for terrorism and financial intelligence has stated that the group was the best-funded terrorist organization. He also acknowledged that the financial warfare was ill suited to combat an organization whose power and wealth are derived in large part from the vast sections of territory it controls. The United States is depending largely on the support of Turkish and Iraqi authorities. Mr. Cohen said. “So what may have been a willingness to look the other way in the past is something that I think cannot continue going forward.” In this particular case they are looking at cutting off their main sources and preventing this group from the broader financial system.
Many have questioned whether the Treasury Department officials may still be overestimating the Islamic State’s oil wealth. Matthew Reed, a Middle East specialist at Foreign Reports, an energy consultancy stated in regards to this issue, “Even $1 million a day is questionable after airstrikes and local efforts to crack down” on cross-border smuggling in Turkey and Iraqi Kurdistan, he said. A US military statement said that the attacks against these states were intended to eliminate the threat it poses to the region and the wider international community. One of the most major issues presented here is the Economic interdependence in the region of it substantial oil revenues. The trade of Oil is the mains source of the group’s funds. The United States is depending on countries in the region to shut down cross-border smuggling routes. Institutions such as the United Nations have tried monitoring the activity of the Islamic State, and its relations with neighboring states. Despite the monitoring efforts against the IS there is still the issues of uncertainty, secret arming, and cheating. It will be interesting to see what countries will take on a significant role, and ally with the United States on this campaign against the Islamic State. The United States will be blacklist anyone who buys or facilitates the purchase of oil from the Islamic State, no matter how far down the supply chain.