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The impact on Oil Prices,The true cost of the Iraq war: $3 t

The Washington Post -- When the United States went to war in Iraq, the price of oil was less than $25 a barrel, and futures markets expected it to remain around that level. With the war, prices started to soar, reaching $140 a barrel by 2008. We believe that the war and its impact on the Middle East, the largest supplier of oil in the world, were major factors. Not only was Iraqi production interrupted, but the instability the war brought to the Middle East dampened investment in the region.

In calculating our $3 trillion estimate two years ago, we blamed the war for a $5-per-barrel oil price increase. We now believe that a more realistic (if still conservative) estimate of the war's impact on prices works out to at least $10 per barrel. That would add at least $250 billion in direct costs to our original asses

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Submitted Sep 05, 2010 By: Cakes77

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lgppa Champion Author Pennsylvania Posts:11,523 Points:495,160 Joined:Sep 2010	Message Posted: Oct 15, 2010 1:42:31 PM Ignore lgppa Report Abuse Congress still hasn't learned to put the brakes on, just like they didn't do 7 years ago. They just love it when a President wants to spend lots of money, they just lead the way.
PDQBlues Champion Author San Diego Posts:4,702 Points:979,420 Joined:Jan 2009	Message Posted: Sep 6, 2010 10:44:59 PM Ignore PDQBlues Report Abuse Sadly, the conflict in Iraq, the US presence and the money the US pours into Iraq and out of this country continues. Not only was this war unjust and criminal, but Bush let Binladen get away.
Nicoalbum Champion Author Ottawa Posts:3,571 Points:722,035 Joined:Jan 2010	Message Posted: Sep 6, 2010 9:05:36 AM Ignore Nicoalbum Report Abuse The war is over, the prices will stay.
Long_gone Champion Author Chicago Posts:2,653 Points:460,145 Joined:Jan 2010	Message Posted: Sep 6, 2010 7:06:10 AM Ignore Long_gone Report Abuse OK. War over. Barrel prices should drop $10 now.
Night Owl Champion Author Toronto Posts:5,260 Points:1,332,650 Joined:Jul 2004	Message Posted: Sep 6, 2010 6:45:24 AM Ignore Night Owl Report Abuse But George Bush told us all that he had concrete proof that Saddam Hussein had stockpiles of weapons of mass destruction. Liar!!
Lugi1967 Champion Author Ohio Posts:2,584 Points:543,425 Joined:Jun 2010	Message Posted: Sep 6, 2010 6:24:01 AM Ignore Lugi1967 Report Abuse And was it really worth all that
ArmydudeNC Champion Author North Carolina Posts:5,781 Points:911,400 Joined:Jul 2009	Message Posted: Sep 6, 2010 3:55:26 AM Ignore ArmydudeNC Report Abuse With this all being said, we should be paying less at the pumps for fuel.
CiVX Champion Author Oakland Posts:5,707 Points:1,011,975 Joined:Feb 2009	Message Posted: Sep 6, 2010 1:03:10 AM Ignore CiVX Report Abuse Thanks for the dividend George.
igbo Champion Author Los Angeles Posts:3,040 Points:819,900 Joined:Apr 2003	Message Posted: Sep 6, 2010 12:28:48 AM Ignore igbo Report Abuse Another reason we should have never gone into Iraq.
UseLessGasFolks Champion Author Iowa Posts:3,093 Points:835,930 Joined:Jul 2007	Message Posted: Sep 5, 2010 10:31:35 PM Ignore UseLessGasFolks Report Abuse One of the many lasting adverse effects of the Bush/Cheney administration.
Huskersed All-Star Author Atlanta Posts:703 Points:337,950 Joined:Nov 2008	Message Posted: Sep 5, 2010 9:35:54 PM Ignore Huskersed Report Abuse Wow!! what a waste. It could be used for improving our own economy.
MidNJ Champion Author New Jersey Posts:4,623 Points:738,520 Joined:Sep 2009	Message Posted: Sep 5, 2010 7:29:08 PM Ignore MidNJ Report Abuse Brbaritone, Oil crashed from over $140 to the mid 30's 2 years ago because speculators drove the price of oil up, up, up while surplus supplies also went up, up, up. The prices continued to rise as long as they were rising because the speculators kept making money. However, as soon as the prices started to fall they got out of the market as fast as they could, thus driving oil down, down, down. That said, the debt that we incurred due to massive spending on the war has contributed greatly to the rise in the cost of oil. Perhaps the Wash Post was correct in not wanting us to get into that debacle in the first place.
ipm1 Veteran Author Las Vegas Posts:464 Points:190,645 Joined:Oct 2009	Message Posted: Sep 5, 2010 6:20:45 PM Ignore ipm1 Report Abuse And just a quick reminder: the entire cost of war (actually all wars) is paid by the taxpayers. By "cost" we mean equipment, fuel, transportation, salaries, etc. etc. We, the taxpayers, must be very rich.
BMW2014 Champion Author Toronto Posts:1,794 Points:364,300 Joined:Jun 2010	Message Posted: Sep 5, 2010 6:15:43 PM Ignore BMW2014 Report Abuse Gulf War 1, Gulf War 2 and Afganistan War did have some impact.
vamike Champion Author Virginia Posts:3,535 Points:930,520 Joined:Dec 2008	Message Posted: Sep 5, 2010 5:45:11 PM Ignore vamike Report Abuse More unbiased reporting from my favorite left-wing rag.
graceman Champion Author Baltimore Posts:3,225 Points:818,165 Joined:Jun 2008	Message Posted: Sep 5, 2010 5:04:46 PM Ignore graceman Report Abuse Just another excuse to raise prices!
investmentdr Champion Author Cleveland Posts:1,790 Points:996,285 Joined:Sep 2008	Message Posted: Sep 5, 2010 3:58:18 PM Ignore investmentdr Report Abuse what a stretch
northeast2 Champion Author New York Posts:2,666 Points:750,305 Joined:Mar 2008	Message Posted: Sep 5, 2010 3:46:03 PM Ignore northeast2 Report Abuse Thank you, Dubya! Makes Poppy's and your siblings' oil investments worth all that much more.
PeteOhki Veteran Author Honolulu Posts:309 Points:307,150 Joined:Mar 2010	Message Posted: Sep 5, 2010 3:02:12 PM Ignore PeteOhki Report Abuse I'm not too surprise of what "brbaritone" said. I was thinking that there is a possibility that if the author could do so, he/she would have blamed the war entire for the existence of the current woes. However, this article does make some sound points that is worth taking pause to think about. The war does seem to contribute to existing problems. However, by themselves, would the war or economic crisis would have happened anyway?
amerk73 Champion Author Dallas Posts:4,705 Points:1,155,155 Joined:Oct 2008	Message Posted: Sep 5, 2010 2:38:04 PM Ignore amerk73 Report Abuse ALL PRICES FOR OIL ITS GAME
NekoSJG Champion Author San Jose Posts:3,225 Points:568,980 Joined:Jun 2010	Message Posted: Sep 5, 2010 2:33:15 PM Ignore NekoSJG Report Abuse That's alot of money - maybe we should look for other energy sources a little harder. I wish the article had broken out the direct costs as compared to the indirect costs.
brbaritone Champion Author Virginia Posts:1,069 Points:1,269,005 Joined:Jan 2007	Message Posted: Sep 5, 2010 1:02:29 PM Ignore brbaritone Report Abuse It seems to me that WaPo was opposed to the war. Come to think of it, they were opposed to just about everything that Bush ever did, because Bush was a Republican and WaPo is one of the nation's most liberal news outlets. Please remember that oil crashed to just over $30/barrel about 2 years ago, and that was hardly affected by the war in Iraq.