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News Link • Energy

Defusing the Middle East Would Lower Gas Prices

•, by Sheldon Richman

Republicans see rising oil and gasoline prices as an opportunity to score political points on President Obama. To be sure, Obama is partly responsible for the rise in world prices and could do something about it. The irony is that Republicans would emphatically oppose the one measure that would be most effective in easing the pressure on prices right now: defusing tension in the Middle East by taking the war threat against Iran off the table.

Tension in the Middle East tends to push prices up, because the threat of war puts this major oil region under a darkening cloud of uncertainty. With Iran the tension is even greater because it is located on the Strait of Hormuz, a narrow waterway between the Persian Gulf and the Gulf of Oman, 21 nautical miles at its narrowest point. Roughly 20 percent of the world’s oil moves through the strait, which is key for getting oil from the gulf countries to the rest of the world.

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