US says air strikes cutting militants oil revenues

Smoke rises during airstrikes on the Syrian town of Ain al-Arab, known as Kobane by the Kurds, on October 8, 2014US air strikes are beginning to choke off the flow of oil revenues to Islamic militants, cutting their income by several million dollars a week, a top US official said Thursday. Last month, top US Treasury official David Cohen said the Islamic State group, also known as ISIL, was earning about $1 million a day from the black market sales of oil from fields it has seized in Syria and Iraq. “Because of the air strikes on the ISIL’s mobile refineries as well as other military activity we have seen a decrease in… the revenue from the oil sales from about a million a day to several million dollars a week,” Cohen told US lawmakers.

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