Why Is the U.S. Army Buying $54 Billion Worth of Patriot Missiles From Lockheed Martin?
The Iran war has highlighted a requirement for a lot more Patriot air defense missiles, both high- and low-end.
Overview
The Iran war has done a number on U.S. weapons stockpiles -- and finances.
A Center for Strategic and International Studies report released last week estimates that 65% of the 2,330 Patriot missiles the U.S. possessed before the Iran war began have been used up already. Fewer than 800 Patriots remain in U.S. inventories -- four years' worth of production at current rates, but a number we can apparently expend easily in less than three months of fighting.
Details
Damage to U.S. bases in the Mideast was last estimated to have cost taxpayers $25 billion through late April, with a further $25 billion needed to replace lost and expended military hardware. U.S. allies in the region are spending billions of dollars replacing Patriot air defense missiles used to defend themselves from Iranian missile attacks.
Source
Originally published at www.fool.com.