A fossil fuel industry watchdog is estimating that US President Donald Trump’s illegal war with Iran could deliver a $1 trillion hit to the global economy—while oil and gas giants reap the benefits.
According to a Tuesday report in The Guardian, climate advocacy group 350.org is estimating that the Iran war will impose between $600 billion and over $1 trillion in additional costs to households, businesses, and governments, depending on how long the Strait of Hormuz remains closed.
The Guardian noted that even this eye-popping economic cost “is likely to be an underestimate because it does not include the substantial knock-on effects of inflation, particularly higher fertilizer and food costs, lower economic activity, and rising employment.”
350.org’s analysis came on the same day that US gas prices rose to their highest level since Trump launched the Iran war in late February.
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