Act of War
Cyrus Bina, a professor of Economics at the University of Minnesota, author of the book "The Economics of the Oil Crisis," and Sam Gardiner, a retired Air Force colonel, who taught strategy and military operations at the National War College, said H. Con. Res. 362 could also roil oil markets and lead to sky-high gasoline prices.
“By recommending a naval blockade in the Persian Gulf, Congress could likely be responsible for oil prices approaching $200 a barrel, which translates to nearly $7.50 a gallon of gas,” Bina and Gardiner wrote in a July 5 Op-Ed published in the ultra conservative Washington Times. “If [Congress passes] this resolution, [it] will make a bad situation worse not only for the American economy, but also for stability in Middle East. Among factors contributing to short-term oil prices are supply and demand, market speculation and the value of the dollar. Risk of a natural or political catastrophe jeopardizes the production and flow of oil which also plays a major role in the price Americans will have to pay at the pump.”
The authors added that Ackerman and other lawmakers who are backing the resolution claim sanctions and diplomacy have failed and “the naval blockade is the next step short of war.”
“They are wrong on both counts: Proper diplomacy — direct talks between the U.S. and Iran — has neither failed nor succeeded, because it has yet to be tried,” Bina and Gardiner wrote. “And the blockade is not a step short of war; it is war.”
Cyrus Bina, a professor of Economics at the University of Minnesota, author of the book "The Economics of the Oil Crisis," and Sam Gardiner, a retired Air Force colonel, who taught strategy and military operations at the National War College, said H. Con. Res. 362 could also roil oil markets and lead to sky-high gasoline prices.
“By recommending a naval blockade in the Persian Gulf, Congress could likely be responsible for oil prices approaching $200 a barrel, which translates to nearly $7.50 a gallon of gas,” Bina and Gardiner wrote in a July 5 Op-Ed published in the ultra conservative Washington Times. “If [Congress passes] this resolution, [it] will make a bad situation worse not only for the American economy, but also for stability in Middle East. Among factors contributing to short-term oil prices are supply and demand, market speculation and the value of the dollar. Risk of a natural or political catastrophe jeopardizes the production and flow of oil which also plays a major role in the price Americans will have to pay at the pump.”
The authors added that Ackerman and other lawmakers who are backing the resolution claim sanctions and diplomacy have failed and “the naval blockade is the next step short of war.”
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