As turmoil in Libya continues, many Americans are beginning to question the U.S. decision of intervening in Libya. President Obama plans to address this issue, and others relating to Libya in speech set to take place at 7:30 p.m. (EST) at the National Defense University in Washington.
Many are concerned that the decided involvement will cause a prolonged involvement of troops consequently extending how much money they U.S. will need to tap into. If you are interested in what the President has to say please check back closer to 7:30 p.m. (EST) to catch a live video stream of Obama’s speech courtesy of the White House.
Libya’s Financial Impact on U.S.
Intervening in Libya has come as a costly decision to the U.S. with the bill adding up to nearly $1 billion dollars. One of the biggest questions the President has to answer is whether or not the U.S. should have anything to do with the unrest in Libya. A lot of money has been invested in taking out Moammar Khadify’s defenses and setting up a no-fly zone.
According to the Center for Strategic and Budgetary Assessments in order to maintain this limited no-fly zone it would cost between $30 million and $100 million a week. If the United States has to take on the costs of taking out Libya’s defense systems it can cost up to $800 million.
Read: Ceasefire in Libya Could Save U.N. Up to $300 Million Per Week
On top of the expected costs to the U.S., the turmoil in Libya has also negatively impacted oil prices. Since the beginning of Libya’s struggles in mid-February oil prices have shot up by 25 percent, this can also be attributed to other conflicts in the Middle East. So far the U.S. is trying to take a limited stance in Libya, but hopefully the President’s speech will clear up some questions that the public may have.