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Michigan lawmakers target predatory loan companies; NY jury hears tape of Trump and Cohen Discussing Hush-Money Deal; flood-impacted VT households rebuild for climate resilience; film documents environmental battle with Colorado oil, gas industry.

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President Biden defends dissent but says "order must prevail" on campus, former President Trump won't commit to accepting the 2024 election results and Nebraska lawmakers circumvent a ballot measure repealing private school vouchers.

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Bidding begins soon for Wyoming's elk antlers, Southeastern states gained population in the past year, small rural energy projects are losing out to bigger proposals, and a rural arts cooperative is filling the gap for schools in Pennsylvania and West Virginia.

Economist: Threat of Iran War Hurting Economy, Raising Gas Prices

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Tuesday, March 20, 2012   

CONCORD, N.H. - Concerned that Iran may be building nuclear weapons, some in Congress are pressing for the U.S. to bomb Iranian nuclear facilities or help Israel do so, but economists warn that even the threat of war is hurting the economic recovery at home and abroad.

Mark Weisbrot, economist and co-director of the Center for Economic And Policy Research, says the standoff in the world's most important oil-producing region is what's driving up the price of crude. And he says any conflict would probably have a terrible impact on the frail European economies, which in turn could damage what is still weak growth here.

"Oh, very easily. We're only growing 1.8 percent for this year. The threats against Iran, the threat of war, could easily tip the U.S. economy into recession."

Gasoline in New Hampshire is averaging around $3.71 a gallon. That's just 10 cents below the national average.

Economists say there are numerous factors behind the price of gasoline, including a bottleneck at refineries, and the exporting of gasoline to Europe. But Weisbrot says the threat of war is the single reason crude oil has gone up $6 to $10 a barrel since the beginning of the year.

And, he says, since it's a global market, drilling or building pipelines here wouldn't make much difference.

"Any kind of oil production here, or in Canada, would have very little impact. What we're looking at really has nothing to do with whether the President wants to drill anywhere, or build a pipeline."

He says the European economies are in an even more vulnerable situation than the U.S. and he says a new crisis there could easily spread across the Atlantic.

"Just as it could tip the U.S. economy into recession, you know, Europe is already in recession. And Europe is more fragile as well because of the financial problem."

Estimates vary widely on how far Iran may be from producing nuclear weapons, and it's even uncertain if that's the regime's intention. Most experts agree that Israel already has nuclear weapons, although that government refuses to confirm or deny it.


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