Bipartisan Study Group: A Nuclear Iran Would be Devastating to US Economy
Oil prices “could double,” increasing the U.S. price of gasoline by up to $2.75, if Iran is permitted to obtain a nuclear weapon, according to a new economic analysis by a bipartisan team of current and former government officials.
While much attention has been given to the costs of preventive military action against Iran, a new report by the Bipartisan Policy Center shows that, over time, “gasoline prices could increase by more than 70 percent,” sending America “into a severe recession” and costing the country “more than five million” jobs.
“If any of the conflicts or energy disruptions that become more likely from a nuclear Iran actually occur, the energy impact and economic consequences would be more severe,” the report states. “Inflation could skyrocket to almost 5 percent,” leading to widespread job loss.
Authored by a team of former military leaders, economists, and lawmakers, the report examines a handful of scenarios that could result if Iran is permitted to obtain a nuclear weapon. In each outcome, oil and gasoline prices increase exponentially.
“Inaction also poses economic risks,” former Democratic Sen. Charles Robb (Va.) told a group of reporters Wednesday during a discussion about the report. “Heightened expectation … and instability triggered by the consequences of a nuclear Iran would cause the price of oil to go much higher and remain high … significantly impacting the US economy.”
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After stirring up controversy at the United Nations after unveiling his vision for a ‘new world order’, Iranian President Mahmoud Ahmadinejad decided to spend some time socking up the Manhattan high-life.
By Jason Howerton. Iranian President Mahmoud Ahmadinejad, who is in the U.S. for the United Nations General Assembly this week, met with Nation of Islam Minister Louis Farrakhan and other religious “leaders” on Tuesday, according to a photo posted on an English translation of Ahmadinejad’s website.