Policy Evaluation Project
Read the following two articles about the macroeconomic implications of the ongoing Iran conflict (particularly the disruption/closure of the Strait of Hormuz) on global and U.S. oil prices, inflation, and GDP growth. Address the questions below (one paragraph per question should be sufficient).
A. Explain the tradeoffs related to the type of geopolitical/economic disruptions from the Iran conflict analyzed in the articles, including groups mentioned (or implied) in the articles who would benefit from these developments and groups that would be negatively impacted.
B. Based on the information in the articles, why might someone argue against policies or actions that risk or prolong such large-scale oil supply disruptions (e.g., escalation of conflict or heavy reliance on vulnerable foreign energy chokepoints)?
C. Given the supply strains we saw during the Covid-19 pandemic and the recent Iran conflict/Strait of Hormuz disruptions, why might someone argue that the U.S. (or key industries like domestic energy production) should be protected or supported through policies promoting energy independence, strategic reserves, or domestic oil/gas investment?
D. Which argument do you agree with more? What factors lead you to this conclusion?
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