ExxonMobil Stockholders Face a Profound ChoiceBy Kevin Young and Nick Mottern – ConsumersforPeace.org
- The Iraq War is responsible for about 12 percent of the current price of gasoline in the US, according to economist Dean Baker of the Center for Economic and Policy Studies.
- Congress’s Joint Economic Committee has estimated that “oil price increases from 2003-2008 due to the Iraq War reduced total U.S. income Gross Domestic Product by a total of approximately $274 billion.” That was before oil hit $120/barrel.
- In the US and around the world, the oil price hike is raising prices of food and other basic human needs, in some places causing food riots.
- As Dean Baker noted in May 2007, “military spending diverts resources from productive uses, such as consumption and investment, and ultimately slows economic growth and reduces employment.”
- University of Massachusetts economist Robert Pollin and researcher Heidi Garrett-Peltier, writing in March 2008, point out the potential benefits that reducing military spending in favor of social spending would have for the US economy:
Every $1 billion spent on a combination of education, healthcare, energy conservation and infrastructure investments creates between 50 and 100 percent more jobs than the same money going to Iraq. Taking the 2007 Iraq budget of $138 billion, this means that upward of 1 million jobs were lost because the Bush Administration chose the Iraq sinkhole over public investment.
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Consumers for Peace gathers information on Iraq oil issues and works with local organizers seeking to end the occupation of Iraq. It promotes the ExxonMobil, Shell, and BP War Boycott. The authors may be contacted through www.consumersforpeace.org