CBNNews.com - America's pain at the pump is finally easing. Oil is now down to well below $100 barrel, and gas is under $3.00 a per gallon in many places. As a result, American consumers have some extra money in their pockets these days. But not everyone is happy about it.
The global oil cartel OPEC, which controls some 40 percent of the world's oil exports, decided last month to cut its production by 1.5 million barrels a day.
That could drive oil prices back up, leaving OPEC member nations like Saudi Arabia, Venezuela and Iran with more money to devote to their pet projects.
For Iran, that means funding terrorism and building up its nuclear program.
'Era of Cheap Oil is Finished'
To that end, Iran's oil minister said last week that "the era of cheap oil is finished." When asked what price the Islamic regime would want for its oil, he replied, "The more the better."
OPEC's president, Chakib Khelil, seems to be on board with this plan. He's urged non-OPEC oil producers like Russia, Mexico and Norway to cut their production, too.
"Iran and Venezuela are producing less today than they ever did and yet they're making more money," said Anne Korin, co-director of the Institute for the Analysis of Global Security. "Because in the oil market, when you produce less, you actually make more money."
Korin notes that despite high demand, OPEC is actually producing less oil than it did 35 years ago.
"Either they're lying about the reserves that they have or they're deliberately constraining supply in order to keep prices very high," she explained. "And it's working."
Al Qaeda Ordered to Attack Major Oil Targets
OPEC may not have to do anything in order for oil and gas prices to skyrocket. Osama bin Laden has called on al Qaeda to attack major oil targets and cause a global economic calamity.
Back in 1996, bin Laden actually warned against attacking Saudi oil facilities. He believed that Saudi Arabia's oil reserves would serve as an economic boon to his planned worldwide Islamic caliphate. But in a post-9/11 world, where the West's reliance on foreign oil has become ever more apparent, bin Laden's attitude has changed.
Bin Laden has encouraged attacks against oil targets in Saudi Arabia and elsewhere, because of the certain economic chaos they would create. In his view, such chaos --resulting in a weakened West -- would help al Qaeda.
"In February of '06, al Qaeda tried to attack Abaqiq," James Woolsey, the former director of the C.I.A., recalled. "[It is] the largest oil production facility in the world in northeastern Saudi Arabia. Something like two-third's of the world's crude and two-third of Saudi oil goes through Abaqiq. Luckily, they rigged their truck bomb wrong."
Woolsey is now a member of the Set America Free coalition, a group that seeks to end America's dependence on foreign oil. He says that had the attack on Abaqiq been successful, the economic effects on the U.S. would have been devastating.
"That would have probably taken something like five to six million barrels offline for well over a year and would have sent oil well over $200 a barrel," he said. "The economic effects on the United States and really, all other oil-importing countries, would be stunning."
Over half of Saudi Arabia's oil reserves are found in eight fields. In addition to Abaqiq, other terrorist targets there include Ghawar -- the world's largest onshore oil field -- and Ras Tanura -- its largest offshore oil loading facility.
Iraq, Nigeria and Mexico Oil Fields Also Prime Targets
Saudi Arabia isn't alone. In recent years, terrorists have carried out hundreds of attacks against oil pipelines in Iraq. OPEC member Nigeria has also seen an upswing in attacks against its oil infrastructure, while Mexico saw its oil pipelines targeted by guerilla groups last year.
"The terrorists have physically removed already almost 2 barrels a day off of the global oil market -- and 85 million barrel per day oil market," Korin explained.
Saudi Arabia and other oil-rich countries have stepped up security around their facilities. But experts warn that may not matter. As long as America remains reliant on foreign oil, our enemies will use it to their advantage.
"To protect our country, to defend our economy, to enable us to really prevail in this long war of the 21st century and not be blackmailed by all sorts of petro-dictators, what we need to do is break oil's monopoly in the transportation sector." Korin said. "Right now, we have no fuel choice. We need to have fuel choice and fuel competition in the transportation sector."
*Originally broadcast on November 10, 2008.
