Having lived and worked in the Falklands, the Islanders believe they are of important military strategic planning. If the eventuality ever arose of the Panama Canal being denied to the Americans they would have to sail south to join their Atlantic and Pacific seaboards. This would give the Argentinians and others opportunity to deny them transporting commodities from West to East and vice versa. More of the American economy than you would think is in shipping from coast to coast. If the British hold the Falklands then the likelihood is the route would remain open to them, at a cost of course. Like Gibraltar, with it being the mouth to the Mediterranean, you can effectively control in it’s entirety from one effective position. So it is really just all about location location location. The oil thing is a mere bonus. Not my opinion, just what I was told when I was there.