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IPFS News Link • WAR: About that War

How Iran Could Affect Your Wallet in 2012

• US News & World Report
President Obama recently signed a law that could essentially prevent Iran, the world's third-biggest oil exporter, from selling oil to many of its usual customers. Europe is preparing to enact its own embargo on Iranian oil. There's wiggle room in terms of how strictly these new rules will be enforced, but if fully enacted, they could devastate Iran's economy, since oil exports bring in about $75 billion per year—nearly 20 percent of Iran's total GDP. They could also push oil prices higher, with gasoline prices cresting $4 per gallon at American filling stations and perhaps even approaching $5.

1 Comments in Response to

Comment by Powell Gammill
Entered on:

The gist of the argument: Don't worry, a war/attack on Iran will be over quickly, be easy and only cost you maybe 20% more of your earnings than you are already losing.  No worries man.

What an idiot.  No thought of the millions of people in an ancient civilized society we are starving and shortening their and their family's lives.