Strait of Hormuz Closure Is Not Likely (ContributorNetwork)

COMMENTARY | The U.S. reliance on foreign oil is always a hot topic, and with gas prices fluctuating between $3 and $3.50 a gallon, many families are struggling to get to work and school. In fact, many school districts are struggling to get children to school via buses; so our reliance on foreign oil isn't exactly keeping oil prices low. In fact, I've really had enough of the high gas prices, which is why I really don't care if Iran attempts to block the Strait of Hormuz. In all likelihood, Iran won't succeed anyway. The straight is policed by the U.S. Navy.

For those who don't know, the Strait of Hormuz is a "narrow strip of water separating Oman and Iran," and "some 15.5 million barrels per day (bpd) passed through in 2009, according to the EIA," says Reuters. This makes up 17 percent of all oil traded throughout the world. Of course, this also means that 83 percent of all worldwide oil does not flow through the Strait of Hormuz.

In an article by Reuters, Mohammad Ali Khatibi is quoted: "At the moment everybody is satisfied with the oil market the way it is, so why do some countries want to change this situation?"

I have no idea who "everyone" is because I'm not satisfied. I haven't been satisfied with the oil market or the prices for years. That statement is generic and too broad because if I'm not satisfied then chances are there are other people who are not satisfied. Not to mention, Iran is only number five in oil production which means that if Iran does close the Strait of Hormuz, it is also hurting itself because even if Iran only lets its ships pass, who's going to buy their oil?

Iran isn't exactly well respected at the moment due to their nuclear endeavors which is what prompted this issue in the first place. Three weeks ago EU foreign ministers decided to tighten sanctions against Iran due to Iran's nuclear endeavors. In other words, Iran wouldn't have a problem if they'd stick to producing oil, but Iran wants to delve into nuclear weapons which is a huge mistake on Iran's part.

Of course, if Iran does decide to close the Strait of Hormuz, the U.S. Fifth Fleet will be there to stop the attempt; so even if Iran decides to forcibly close the Straight, the U.S. navy won't allow it. In other words, Iran can try and close the Straight. It can battle the U.S. navy for control if it wants, but in the end Iran is outnumbered, spouting threats it can't possible back up, and trying to increase the price of oil through fear.

Source: http://us.rd.yahoo.com/dailynews/rss/energy/*http%3A//news.yahoo.com/s/ac/20111229/wl_ac/10760017_strait_of_hormuz_closure_is_not_likely

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