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Indybay FeatureRelated Categories: U.S. | Global Justice and Anti-Capitalism
Iran, at loggerheads with the West over its nuclear program, said on Tuesday it would stop the flow of oil through the Strait of Hormuz in the Gulf if sanctions were imposed on its crude exports.
Iran has already informed the World that if it does, she's going to block the Strait of Hormuz, which is to bottle up most of the Mideastern oil, which would be a severe blow to the entire World and World economy, almost the worst thing that could happen outside of actual war--to stop the flow of oil, the thing the whole World has been fearing for years now.
About 15 million barrels of crude oil pass through the Strait of Hormuz on a typical day. About a fifth of the world's oil supply goes through the strait. Much of the Persian Gulf relies on the Strait of Hormuz to export its petroleum and reach the ocean, making it one of the world's most important oil supply routes. So, the World's supply of oil has already been cut down considerably and is rapidly being cut down further. The scarcer it is, the higher prices they can get. And also, it's their one weapon they can really use effectively.
Actually about a 40% loss of oil since those happy carefree days of the one-dollar-a-barrel oil, which is all they were willing to give the Arabs for this very cheap black sticky dirty substance a mere 40 years or so ago. The shortage becomes so serious, it may even precipitate the Oil War in the West's effort to secure the oil that it needs to survive in its present rich, industrialised condition.
Ted Rudow III, MA