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I really don't think oil has anything to do with current events.
Oil is cheap right now but always has everything to do with everything!
It guarantees our continued involvement in the region and our weird support of both Saudi Arabia and Israel in stalemate. It's made the west an obvious and soft target for IS because we are there and (rightly or wrongly) imposing.
I really don't think oil has anything to do with current events.
No matter the cause, the extremists would have a much less influence and capability without the armaments and funds provided by the west and our defence industry.