Iraq war to carry a high tab

But so far, the US has neither Arab nor Western partners openly backing it. Many foreign officials, in fact, have privately criticized the US administration's talk of war as evidence of a Bush family vendetta against the Iraqi despot.

Economists like Mr. Stoker say that a war would unavoidably add to the government's growing red ink – unless Mr. Bush overlooked another of his father's political mistakes and opted to raise taxes. "If you consider the Gulf War cost about $60 billion, then you can figure this one at $80 [billion] to $100 billion," Stoker says.

But Mr. Goldstein of the Petroleum Industry says that although this time the US doesn't have a "visible coalition" to help pick up the war tab, he believes some countries could be persuaded to help the war effort substantially "behind the scenes." "The Saudis aren't going to allow US soldiers on their soil to take part in the fight, but there are other important things they can do," he says, noting that Saudi Arabia has jet-fuel and diesel-fuel stocks that could be "quietly" pipelined to fuel the US war machine.

Other experts that say the Bush administration is already looking for actions it can take at home to avoid a repeat of the Gulf War-recession pattern. They say the US, for example, has been filling the Strategic Petroleum Reserve with up to 150,000 barrels of oil a day since early this year. If millions of barrels of reserve oil are then released daily in an emergency, the Bush administration may be able to avoid at least one key mistake that some economists say the first Bush presidency made: not releasing oil reserves early and generously enough.

But Goldstein throws cold water on such speculation, saying the petroleum reserve is a "nonissue" – in part because could take more than three years to fill, he says.

Although some influential proattack policymakers insist Hussein could be toppled with minimal disruption to the global economy, some economists say the potential for unpleasant surprises is already causing a certain nervousness. Those jitters are already reflected in some spurts in energy futures, they note.

Events such as casualty-heavy urban fighting, a failure to take out Hussein, or a desperate Hussein successfully sending missiles or biological weapons into Israel or Saudi Arabia would almost certainly drag down the world economy. On the other hand, some experts go so far as to predict a positive economic impact from taking out Hussein. They say that removing Iraq from rogue-state status and returning it to full participation in the global energy market could actually bring oil prices down.

Such a scenario leaves London's Stoker expecting a war with Iraq would most likely have less impact than other worrisome factors in the US. "The American economy is in a lot of deep water, with rising deficits and debt," he says. "That will have far more significance in the coming months than any war with Iraq."

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