What ripple effects will Iran war have on economy?

Cash
Photo credit WWL

Trump administration officials say military action against Iran will continue as long as it takes, to achieve the administration's goals.

We've already seen the increase in the price of crude oil and gasoline, and that can spread to other parts of the economy if it is prolonged.

"Those have multiplier effects in lots of different areas," said UNO economist Dr. Walter "Dub" Lane.

Lane says increased fuel costs can drive up air travel costs, and shipping costs.

"So all kinds of transportation will go up, that's going to get billed into the price of everything, if it stays up for a while," Lane said.

President Donald Trump said this week that it could be four or five weeks, maybe longer. Lane said those effects will start to be felt if the fighting goes on longer than that.

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