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Iraqi militants lay siege to key oil refinery

POSTED: July 5, 2014 4:00 p.m.
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The Islamic State of Iraq and the Levant is continuing its blitz through Iraq. The accompanying infographic shows that the terrorist group is making its way closer to Baghdad.
In fighting Wednesday, fighting continued as militants are attempting to capture a key oil refinery north of the country’s capital in Beiji. According to Public Radio International, the refinery accounts for about one-third of the country’s overall refining capacity. Meaning, if ISIS is ultimately successful, oil prices globally would spike, with MarketWatch estimating prices would double pretty quickly.
With the global economy already still fragile in the wake of financial crisis, the effects could be cataclysmic.

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