Iran's Parliament Votes to Close Strait of Hormuz After US Attacks
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We are talking 20% of global supply here.
The US can't just buffer that for its own people. Also this affects all manufacturing and shipping outside the US going to the US.
And if the US doesnt share the consequences and deliver oil to its "allies" in Europe that will damage the relationships substantially.
And this administration has shown what signals of concern about that, again?
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Following U.S. strikes on Iranian nuclear facilities on Saturday, the Iranian Parliament has voted in support of closing the Strait of Hormuz, one of the world's most critical oil transit chokepoints, according to media reports.
Any final decision on retaliation, however, will rest with the country's Supreme National Security Council and le
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Around 20 percent of global oil trade passes through the Strait. Some experts have said that if Iran were to cut off access to the Strait, it could spike oil prices by 30 to 50 percent immediately, with gas prices likewise rising by as much as $5 per gallon.
Oh boy can't wait for more inflation, war and destruction!
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Why can't it be refined here?
wrote on last edited by [email protected]Here is a video about it. In a nutshell, the oil we are able to pump out of the ground is a much lower quality oil and our infrastructure is not setup to handle the low quality crude oil. In order be able to process it, we would need to spend billions for the infrastructure and it wouldn't make financial sense since the East processes it for so much cheaper.
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Why can't it be refined here?
I was curious, and this is what I found.
As of January 2024, there were 132 operating oil refineries in the United States with an atmospheric crude oil distillation capacity of 18,374,628 barrels per calendar day according to the U.S. Energy Information Administration (EIA).[94]
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Following U.S. strikes on Iranian nuclear facilities on Saturday, the Iranian Parliament has voted in support of closing the Strait of Hormuz, one of the world's most critical oil transit chokepoints, according to media reports.
Any final decision on retaliation, however, will rest with the country's Supreme National Security Council and le
_
Around 20 percent of global oil trade passes through the Strait. Some experts have said that if Iran were to cut off access to the Strait, it could spike oil prices by 30 to 50 percent immediately, with gas prices likewise rising by as much as $5 per gallon.
$300 dollar barrel of oil in 3, 2, 1…
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Good on them for being smart about this. Doesn’t always have to be bombs. I thought Trump was supposed to be a good business man.
Is that smart? The US largest export is oil. Spiking the prices is what they want too.
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The only way for us to leave the middle east alone is if they have the bomb. The further they are away from possession of the nuke, the more likely we are to invade and generally fuck with them.
Yes, because Russia and the US have been no trouble at all since they got the bomb.
What we need to do is stop using fossil fuels, and let the Middle East go back to being irrelevant.
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Following U.S. strikes on Iranian nuclear facilities on Saturday, the Iranian Parliament has voted in support of closing the Strait of Hormuz, one of the world's most critical oil transit chokepoints, according to media reports.
Any final decision on retaliation, however, will rest with the country's Supreme National Security Council and le
_
Around 20 percent of global oil trade passes through the Strait. Some experts have said that if Iran were to cut off access to the Strait, it could spike oil prices by 30 to 50 percent immediately, with gas prices likewise rising by as much as $5 per gallon.
Russia Like this! Krasnov did it again. Молодец товарищ Краснов.
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Out of all the countries that could profit from this, Norway is the country I have the lest problems with tbh. Saudi Arabia on the other hand...
It’s just not a good look to be earning a lot of money on wars. But the Norwegian government are using the extra cash to fund Ukraine, so they’re using it well.
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Good on them for being smart about this. Doesn’t always have to be bombs. I thought Trump was supposed to be a good business man.
He's never been a good businessman.
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Yes, because Russia and the US have been no trouble at all since they got the bomb.
What we need to do is stop using fossil fuels, and let the Middle East go back to being irrelevant.
The Middle East was probably more culturally relevant before oil. You can't disregard an entire region of the planet because your narrative doesn't want to include them.
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The Middle East was probably more culturally relevant before oil. You can't disregard an entire region of the planet because your narrative doesn't want to include them.
Billionaires don't want to stick their greasy fingers in culture though.
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This must be a very difficult decision. It heavily affects China, as Irans biggest trade partner for oil, as well as the other exporting gulf states Iran tried to normalize relationships with during the last years. Oil prices will go up, Putin will benefit.
Thankfully there’s a price cap set for russian oil (at least by all the western countries), so not that much benefit for them. Don’t know is asian countries etc. still pay the full market price though.
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Yes, because Russia and the US have been no trouble at all since they got the bomb.
What we need to do is stop using fossil fuels, and let the Middle East go back to being irrelevant.
I actually asked Le Chat yesterday, what would happen if oil became irrelevant:
If oil were not a valuable resource, the geopolitical interests in the Middle East would likely shift, but the region would still hold significance for several other reasons. Here are some potential international geopolitical interests that could remain:
- Strategic Location: The Middle East's strategic location at the crossroads of Europe, Asia, and Africa makes it a crucial area for global trade and military strategy. Control over key waterways, such as the Suez Canal, the Strait of Hormuz, and the Bab el-Mandeb, would continue to be of great importance for international shipping and naval power projection.
- Trade Routes: The region serves as a vital land bridge and maritime corridor for global trade. Ensuring the security and stability of these trade routes would remain a priority for international powers.
- Religious and Cultural Significance: The Middle East is home to some of the world's most important religious sites for Islam, Christianity, Judaism, and other faiths. The custodianship of these sites and the influence over religious narratives would continue to be of interest to various state and non-state actors.
- Security Concerns: The Middle East has been a hotspot for terrorism, insurgencies, and regional conflicts. International powers would likely remain engaged in the region to address security concerns, prevent the spread of extremism, and maintain regional stability.
- Alliances and Partnerships: Many countries have established alliances and partnerships with Middle Eastern states based on shared interests, security agreements, and historical ties. These relationships would likely continue, albeit with a different focus.
- Economic Interests: Beyond oil, the Middle East has other economic resources and opportunities, such as minerals, agriculture, and emerging markets. International investment and economic cooperation in these areas could continue to drive geopolitical interests.
- Humanitarian and Development Issues: The Middle East faces numerous humanitarian challenges, including refugees, internal displacement, and development needs. International actors may remain engaged in the region to address these issues and promote human rights and development.
- Regional Power Dynamics: The Middle East has several regional powers with their own geopolitical ambitions and rivalries. International actors may seek to influence these dynamics to maintain a balance of power and protect their interests.
- Technological and Scientific Collaboration: The region has potential for technological and scientific advancements, particularly in areas like renewable energy, desalination, and agriculture. Collaboration in these fields could be of mutual interest.
In summary, while the value of oil has significantly shaped international geopolitical interests in the Middle East, the region's strategic location, cultural significance, security concerns, and economic opportunities would likely ensure continued engagement from global powers. The nature and extent of this engagement would depend on a complex interplay of factors and evolving global priorities.
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Is that smart? The US largest export is oil. Spiking the prices is what they want too.
The US charges its people international prices and not based on local extraction costs.
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Yes, because Russia and the US have been no trouble at all since they got the bomb.
What we need to do is stop using fossil fuels, and let the Middle East go back to being irrelevant.
wrote on last edited by [email protected]go back to being irrelevant
Yeah, that was never true, just delusional and wishful thinking. The region has always been relevant that’s why the Greeks in 324 BC and the Romans in 26 BC coveted it long before oil.
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Following U.S. strikes on Iranian nuclear facilities on Saturday, the Iranian Parliament has voted in support of closing the Strait of Hormuz, one of the world's most critical oil transit chokepoints, according to media reports.
Any final decision on retaliation, however, will rest with the country's Supreme National Security Council and le
_
Around 20 percent of global oil trade passes through the Strait. Some experts have said that if Iran were to cut off access to the Strait, it could spike oil prices by 30 to 50 percent immediately, with gas prices likewise rising by as much as $5 per gallon.
Got an EV, I'll be okay. Sorry republicans, but surely you were expecting this, right? Enjoy the gas prices.
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You mean that guy that had not one, not two, but three failed casinos?
wrote on last edited by [email protected]I think it was 5 casinos and a casino holding company? Brb...
Edit:
Bankruptcies were...
1991: Trump Taj Mahal
1992: Trump Castle Hotel & Casino
1992: Trump Plaza Casino
1992: Trump Plaza Hotel (not a casino, just a hotel.)
2004: Trump Hotels & Casino Resorts
2009: Trump Entertainment Resorts. Which was a casino holding company. Not only did he bankrupt cannons he also bankrupted a company that syphons profits from casinos. -
Out of all the countries that could profit from this, Norway is the country I have the lest problems with tbh. Saudi Arabia on the other hand...
Closing Hormuz would blockade the Saudis as well.
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This must be a very difficult decision. It heavily affects China, as Irans biggest trade partner for oil, as well as the other exporting gulf states Iran tried to normalize relationships with during the last years. Oil prices will go up, Putin will benefit.
Is there a way to send that oil they Pakistan?
