In his comments on Saturday, President Obama emphasized his claim that the U.S. is launching airstrikes mainly to protect American personnel in Erbil.

President Obama: “Wherever and whenever U.S. personnel and facilities are threatened, it’s my obligation, my responsibility as commander-in-chief, to make sure that they are protected. And we’re not moving our embassy any time soon. We’re not moving our consulate any time soon. And that means that given the challenging security environment, we’re going to maintain vigilance and ensure that our people are safe.”

Obama made no mention of the oil reserves in the Kurdish area of northern Iraq, which account for about a quarter of Iraq’s total and are some of the largest in the world. ExxonMobil and Chevron are among several oil companies currently operating in Iraqi Kurdistan.