JUST IN: Iran Expected to Close Strait of Hormuz, Blocking Access to Oil Routes for 20% of Global Oil Production - Marco Rubio S...
Iran’s parliament voted to approve the closure of the Strait of Hormuz in response to last night’s attacks on the country’s nuclear facilities by U.S.
An excuse for American oil companies to bump up the per-gallon price at the gas pumps, I'm sure. Shouldn't we be drilling and pumping our own oil by now?
We don’t need any of the oil from the region, but it does move the needle on world oil markets. So it will bump up here a bit. If it is not just bluster by Iran, we can solve the problem very quickly.
I hope you're right, BUT in the last week, here in east Tennessee, I've seen gas prices jump from $2.54/gal up to $2.95/gal. I was able to fill up at Costco on Friday, however, for $2.69/gal, so we're seeing some market effects already, I think.
Ideal.
Then domestic oil production can be ramped up.
Per the New York Post:
Iran’s parliament has voted to close the Strait of Hormuz, the vital shipping channel through which around 20% of the world’s daily oil flows.
The move, which could block $1 billion in oil shipments per day, is likely to send oil prices soaring.
It will come into effect pending a final decision by Iran’s Supreme Council.
The strait connecting the Gulf of Oman with the Persian Gulf is one of the world’s most critical chokepoints — just 20 miles wide at its narrowest point.
Shipping lanes in the strait — the area that is deep enough for ships to pass — are even narrower at less than two miles wide in each direction, making them much more vulnerable to attacks and threats of closure.
would the waters not be 50/50 Iran and Oman? Not sure what side we use to stay on going thru there, I do remember Sea & Anchor being set.
Weren't we energy independent when Trump left office the first time? Seems like that would be a good thing to be...
What if China and Iran come to a deal to keep the strait open if China bomb's Israel's nuclear weapons depots? kek
Iran still has a parliament? Huh!
Probably a lot like N Korea's that gives standing ovations to the SupremeLeader when he walks into the room and always has unanimous votes for 'everything' presented.