Ex-CIA Director Woolsey: 'Oil is the Lifeblood of Terrorism'

Former CIA Director James Woolsey says the U.S. needs to change how it goes after terrorists.

In his opinion, one way to do this is to “change the economics of their sponsoring states.”

“ISIS through its various measures is able to draw on oil. Oil is the lifeblood of terrorism and it’s the lifeblood of Russia as well,” he told the FOX Business Network’s Maria Bartiromo.

Woolsey said switching to cheaper alternatives is an important tool for driving prices lower.

“We need to take used and essentially waste carbon dioxide instead of just storing it somewhere [and] turn it into something useful and profitable like chemicals,” he said.

Using salt as an analogy, he said substitute prices should remain cheap as well.

“Countries went to war over salt mines until the coming of the freezers and ice boxes and so forth… and all of a sudden frozen and thawed meat tasted a lot better than meat that had been soaked in salt-brine and so the price of salt plummeted,” he said. “We want to do that with oil.”