Islamic State militants are raking in $1 million a day from black market oils sales, just one of the many criminal activities that are funding the extremist organization, according to the U.S. Treasury Department.
The Associated Press first reported that IS militants, who continue to take over territories in Iraq and Syria, earn $1 million a month from the oil sales. But the rate was later revised to a day.
"It is difficult to get precise revenue estimates on the value of ISIL of these transactions in light of the murky nature of the market, but we estimate that beginning in mid-June, ISIL has earned approximately $1 million a day from oil sales," Cohen told the AP of the Islamic State, which is also known as ISIS or ISIL.
Either way, IS is probably the most well-funded terrorist group ever seen with the exception of those that are backed by the state, David Cohen, Treasury undersecretary for terrorism and financial intelligence, told the AP.
Cohen's department, which is trying to stop the group's illegal money-making schemes, has also learned IS has earned at least $20 million this year by kidnapping people and demanding ransom payments, along with several millions more from extortion rackets and other crimes, according to the AP.
"They rob banks. They lay waste to thousands of years of civilization in Iraq and Syria by looting and selling antiquities," Cohen told the AP. "They steal livestock and crops from farmers. And despicably, the sell abducted girls and women as sex slaves."
Cohen's remarks come as a U.S.-led coalition continues to carry out air strikes against IS targets in Syria.
On Thursday, the U.K.-based group Syrian Observatory for Human Rights said a total 464 IS fighters have been killed since the air strikes began a month ago. But 32 civilians have died in the same strikes.
