Reason #95: The Great Shell (And Exxon) Game

Beyond the direct and indirect military costs for the Iraq War, this enormous mistake is bleeding our economy dry as well. At the outset of the invasion, oil was around $25 a barrel. Incredibly, hawks and war cheerleaders predicted military action would lower the cost of oil. We all know how well that’s worked out.

We’re already paying a almost half a trillion in interest every year for our national debt. Now, we’ll add to that billions more to service the debt we’ve incurred.

In their book The $3 Trillion War, Joseph Stiglitz and Linda J. Bilmes figure that the war has caused a $5 dollar per barrel increase in the price of oil. That’s obviously an extremely conservative estimate, given that oil is now trading for over $100. But even at five extra dollars per barrel, that’s hundreds of billions of excess dollars flowing out of our country and into the hands of our enemies. Of course, much of that lucre also goes straight into the pockets of our enemies around the world.

Another huge chunk of cash that will fly away won’t come back is all that interest on the money we’ve borrowed for this war. We’re already paying a almost half a trillion in interest every year for our national debt. Now, we’ll add to that billions more to service the debt we’ve incurred.

NEXT: Reason #96: Low-Balling the Lives of Soldiers