ISIS-linked militants are threatening huge natural gas reserves the world needs badly right now, said an oil and gas executive.
“The ISIS-linked militants are out there on the offensive, it’s going to be a difficult summer,” Daniel Yergin said on CNBC’s “Squawk on the Street” Wednesday. “They’re trying to steal this gas which the world needs badly, and it’s going to be a huge problem.”
ISIS has previously threatened to attack energy facilities around the world in the past, but this was more aggressive than anything they have previously done.
“I’ve just seen a video of a number of oil processing plants being burned in eastern Syria in an ISIS-led offensive against the government forces. The ISIS-linked militants are out there on the offensive, it’s going to be difficult,” Dan Yergin said. “They’re trying to steal this gas which the world needs badly, and it’s going to be a huge problem.”
The world needs new sources of energy, but there is also a big risk of ISIS stealing it, said Yergin.
“One of these is the biggest source of oil on the planet and the Saudis are getting very nervous about ISIS stealing their oil so they are going to work with the United States to make sure that the ISIS-linked fighters don’t have any access to this source of oil and also to make sure that ISIS doesn’t get into Syria with weapons and attack American targets and American interests,” he added.
The ISIS-linked militants are on the offensive, Yergin said.
“The ISIS-linked militants are out there on the offensive, it’s going to be a difficult summer. They’re trying to steal this gas which the world needs badly, and it’s going to be a huge problem.” – Daniel Yergin
The oil and gas industry is a “vital part of the U.S. economy” and is very vulnerable to attacks and disruptions, Yergin said.
The ISIS-linked militants are also fighting other forces over access to the region, he said.
“They are fighting against other fighters, they are fighting the Assad government, they are fighting the Russian troops that are not in Syria, they are fighting the Kurds, and in some cases they are fighting against other militants as well,” he said.
