skip to main content
skip to newscasts

Wednesday, April 24, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

Day two of David Pecker testimony wraps in NY Trump trial; Supreme Court hears arguments on Idaho's near-total abortion ban; ND sees a flurry of campaigning among Native candidates; and NH lags behind other states in restricting firearms at polling sites.

view newscast page
play newscast audioPlay

The Senate moves forward with a foreign aid package. A North Carolina judge overturns an aged law penalizing released felons. And child protection groups call a Texas immigration policy traumatic for kids.

view newscast page
play newscast audioPlay

The urban-rural death divide is widening for working-age Americans, many home internet connections established for rural students during COVID have been broken and a new federal rule aims to put the "public" back in public lands.

Threat of Iran War Hurting Weak U.S. Recovery

play audio
Play

Monday, March 19, 2012   

CHARLESTON, W.Va. - Concerned that Iran may be building nuclear weapons, some in Congress are pressing the U.S. to bomb Iranian nuclear facilities or help Israel do it. However, economists warn that even the threat of war is hurting economic recovery.

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

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

Gas in West Virginia is averaging around $3.90 a gallon, seven to 10 cents above the national average.

Economists point to numerous factors behind the 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. And, he says, since it's a global market, drilling or building pipelines here would not 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. economy, and a new crisis there could easily spread across the Atlantic.

"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 is unclear if that is even the regime's intention. Most experts agree that Israel already has nuclear weapons, although that government refuses to confirm or deny it.




get more stories like this via email

more stories
Creedon Newell practices teaching construction skills in Wyoming's new career and technical educator bridge course, designed to encourage trades students and professionals to pursue a career in CTE teaching. (Photo by Rob Hill)

Social Issues

play sound

By Lane Wendell Fischer for the Shasta Scout via The Daily Yonder.Broadcast version by Suzanne Potter for California News Service for the Public News …


Environment

play sound

By Naoki Nitta for Civil Eats.Broadcast version by Suzanne Potter for California News Service reporting for the Solutions Journalism Network-Public Ne…

Social Issues

play sound

Concerns about potential voter intimidation have spurred several states to consider banning firearms at polling sites but so far, New Hampshire is …


Though Connecticut's benefits cliff persists, there are other programs helping people maintain benefits of some kind when their income pushes them over the limit. (Adobe Stock)

Social Issues

play sound

Today, groups working with lower-income families in Connecticut are raising awareness about the state's "benefits cliff" with a day of action…

Social Issues

play sound

Texas Lieutenant Gov. Dan Patrick has released 57 "interim charges," the topics he wants Senate committees to study in preparation for the 89th …

It is estimated the Wild Springs Solar Project in New Underwood, South Dakota, will offset 190,000 metric tons of carbon dioxide emissions per year. (Adobe Stock)

Environment

play sound

The construction of more solar farms in the U.S. has been contentious but a new survey shows their size makes a difference in whether solar projects …

Social Issues

play sound

Minnesota's largest school district is at the center of a budget controversy tied to the recent wave of school board candidates fighting diversity pro…

play sound

Minnesota lawmakers are considering a measure which would force employers to properly classify certain trade union workers and others as employees rat…

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021