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War and Iraq – The Economic Risks
Wars loom large in the imagination, and a big military conflict can permanently change how an economy develops and performs. The article, War and Iraq – The Economic Risks, describes how the United States is currently in fear of, “Iraqnophobia,”-- fear of the consequences of a probable war with Iraq. It further describes the economic uncertainty about a war with Iraq; and the fall this year in the big stock markets. This paper will summarize what’s at stake in three areas of crucial national interest - oil prices, stock market, and economic growth.
Oil Prices
War and Iraq cites, “Oil prices have already reached their highest level for two years” (p. ... According to War and Iraq, “O. ... According to War and Iraq, “Half of the oil used in the United States is imported, the highest amount in history. ... OPEC will increase the cost of oil whenever there is a threat of a war as there was in the Gulf War in 1991. War and Iraq sites, “Oil price shocks and price manipulation by the OPEC cartel from 1979 to 1991 cost the United States economy about $4 trillion, almost as much as we spent on national defense in the same time period and more than the interest payments on the national debt. Each major price shock was followed by an economic recession in the United States ” (p.
Approximate Word count = 1100
Approximate Pages = 4.4
(250 words per page double spaced)
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