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Jury hears Trump and Cohen Discussing Hush-Money Deal on secret recording; Nature-based solutions help solve Mississippi River Delta problems; Public lands groups cheer the expansion of two CA national monuments; 'Art Against the Odds' shines a light on artists in the WI justice system.

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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.

Threat of Iran War Hurting Weak U.S. Recovery

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Wednesday, March 21, 2012   

PHOENIX - Concerned that Iran may be building nuclear weapons, some in Congress are pressing the United States to bomb Iran's nuclear facilities, or help Israel do it. However, economists warn that even the threat of war is hurting the economic recovery.

The standoff in the world's most important oil-producing region is driving up the price of crude, says economist Mark Weisbrot, co-director of the Center for Economic and Policy Research, adding that any conflict probably would 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 Arizona is averaging about $3.88 a gallon, 4 cents above the national average, according to the American Automobile Association.

Economists cite numerous factors behind the rising price of gasoline, including a bottleneck at refineries and the exporting of gas 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. Since it's a global market, he says, 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."

Weisbrot says the European economies are in an even more vulnerable situation than that of the United States, adding that a new crisis there could easily spread across the Atlantic.

"Just as it could tip the U.S. economy into recession. 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 the Israeli government refuses to confirm or deny it.


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