BLACKSBURG, Va., March 24 -- Virginia Polytechnic Institute and State University issued the following news release:
The economic impacts of the Iran War and Iran's closure of the Strait of Hormuz have reach around the world. Iran's blockade of the strait, a narrow waterway through which ordinarily passes about a fifth of the globe's oil and natural supplies, has already had historic consequences for consumers, according to Virginia Tech economic expert David Bieri.
"Since the start of the war, global crude prices spiked to nearly $120 a barrel about a week after the war began before easing to around $100, which still up more than 40 percent from the pre-war level of $70," he said. "Gasoline prices are averaging close to $4 per gallon, up ...