if you are so worried about funding terrorists with your money, you would probably have more of an impact boycotting oil. Have you considered this or is this too inconvenient?
Actually, no. I did a study on this a while back (and actually currently doing another paper which I hope to have published in the National Bureau of Economic Research), but America has a large supply of domestic oil, the plurality of it. Our biggest supplier of imported oil is Canada, and 2nd it Mexico. We also have many US based and UK based companies (well, BP for uk really) that have oil developments in other countries, such as in Africa and Asia, that are exporting oil to us.
Only a very small portion of our oil consumption is from other countries, with just 15% of it coming from OPEC. We do not buy oil from Iran. The only country we buy oil from that I have issue with is Venezuela, which I don't since I don't think they are a large supporter of terrorism (although they are realyl fucked up domestically and Chavez is a terrible dictator).
Even if some of our oil money goes to terrorists, which it doesn't seem to be the case, a large amount of oil at the pump goes to domestic oil companies and oil companies from assuredly pro-US sources. I actually am more than happy to buy gas here in America, and supporting the oil industry is one of the best things you can do for our economy. The pass-through rate of oil investments and gas at the pump is very high, and the idea that "oil companies are price gouging" has been consistently been proven false. The oil industry is one of the best industries for America, and great for our economy. They are also the biggest pioneers of alternate energies and new resource innovation. The idea that oil is bad is pretty harmful, and the US should be focused more on new petroleum technology and finding new reserves rather than alternative oil sources.
Although I haven't finished my paper, so I can't say for sure how much new oil reserves benefit our economy, but they do.
PS. Not trying to bash you, just want to bring this up for discussion.
Oh no, none taken.
I am sure some of the cocaine profits go to the FARC and heroin profits go to Islamic extremists.
Well, can you tell me why you think this? I know a lot of heroin is coming from the Golden Crescent and Triangle, but that doesn't mean that terrorists are behind it.
I do know for a fact that terrorists are getting a large amount of their money from state sponsors. Iran has already publicly stated they give large sums of money of shi'ite terrorists groups like Hizbollah, and Afghanistan used to give money to al-qaida before we came in. Iraq also gave money for terrorist organizations before we invaded in 2003 (though it is not proven they gave any specifically to al-qaida, besides allowing them safe haven).
I know many of us have suspicions, but does anyone know for a fact that any terrorist organizations are profiting from the drug trade?