Iranian Efforts To Block Oil Shipments Could Cause Fuel Prices To Double

Gas prices could double if Iran acts to close the Strait of Hormuz to oil-tanker traffic near the beginning of next year, cutting global economic growth by more than 25%, a leading energy-consulting firm says.

Iran lacks the military might to close the strait for long, but it may be able to disrupt global oil supplies for up to three months by laying mines in the 6-mile-wide shipping passage that the U.S. and its allies would have to find and remove, analysts at IHS Global Insight said on a conference call with reporters Wednesday. About 17 million barrels of oil a day pass through the strait, or nearly 20% of the global market.



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knowitall1985 - 3/23/2012 4:36:02 PM

+5 Boost

We will blow those suckers up if they do.....

dlin - 3/23/2012 8:45:33 PM

+4 Boost

Let the game begin.

USNA1999 - 3/24/2012 11:54:55 AM

+9 Boost

This is NOT going to happen! I did a few tours in Bahrain as part of FIFTH FLEET Staff and additional tours in the Arabian Gulf (Persian Gulf).
Iran has been talking out of their behind for years and if they would decide to try to close the SOH they will get hit so hard they will have to run back to their caves and hide for the next 100 years. Its not just us over there, its an entire coalition waiting to strike them. That is not even mentioning ISRAEL who is ready to wipe them out. Stories like this does not help with fuel prices anyways.

mini22 - 3/26/2012 1:29:24 PM

+1 Boost

Bobm-You cannot drill your way out of the problem. You and people like you feel the only energy source is oil. That is simply not true. There is also natural gas, wind solar etc.The problem is one of infrastructure support.Oil has sufficient infrastructure these alternatives do not. That means then that infrastructure development has to occur on the alternatives so we do not have "only" depend on oil.What would you do if you had unrestricted drilling yet the price of oil still went up do to say a weak dollar, more instability in the Middle East, refinement problems etc.?