Shutting Down Persian Gulf Oil
Iran has threatened to do that if the world imposes further sanctions, or is attacked by the US or Israel. What they’re talking about is closing a tiny waterway only 21 miles wide called the Strait of Hormuz (although, the traffic channel itself is only six miles wide). And, 17% of the world’s oil supply flows through there. That represents a third of the world’s seaborne oil supply, and we haven’t even begun to talk about natural gas. The point is that shutting off a major chunk of the world’s oil and natural gas would have a catastrophic effect on … Click here to read the rest…