A Stanford University study says the war in Iraq has already costs the nation $1.1 trillion – and that number continues to grow. The study looked at the impact of the war on the stock market, oil prices and the economy in general.
The university researchers say that speculation about war caused a 15 percent decline in the Standard and Poors 500 financial index since September of last year. The study also says that the oil market has been disrupted by war plans and combat – with oil prices soaring, driving gasoline prices through the roof.
The study says the war will also have a major impact on other nations. The researchers say Turkey, Finland, Sweden and Israel will be the overseas nations hardest hit financially by the conflict.
The study was co-authored by Stanford Assistant Professor of Economics Eric Zitzewitz, Assistant Professor of Political Economy Justin Wolfers and Harvard University doctoral student Andrew Leigh.