Fiddlers, Foreign Oil, and Failed Policy
One-fifth of the world’s oil supply travels through the vital Strait of Hormuz in the Middle East.
Iran recently threatened to blockade the Strait and choke off crude oil shipments from Middle East suppliers. Punctuated with a 10-day naval exercise, Iran clearly intends to hamper, obfuscate, and pester the West and its Arab allies even if not actually able to sever this vital artery of the world’s economy.
An unfortunate clash, a temporary closure or even rising tensions ushering in unacceptable risks to international unarmed oil tankers could send global prices skyrocketing.
No one with a brain needs to be convinced that America has a dangerous dependence on foreign oil. With an irresponsible Congress spending what we can’t hope to make tomorrow,
the United States stands at a crucial and historic moment. Rather than curbing economic and entitlement lusts, and promoting domestic, exportable resources, our country seems to be led by fiddlers watching from the rooftops while torches are being set all around.
If such fiddling seems hyperbolic, take the Obama administration’s devastating decision to hamper America’s efforts to get off foreign oil. The denial of the Keystone XL – a major new energy secure pipeline linking the Gulf of Mexico to billions of barrels of oil in Alberta sands and Dakotan shale – shows once again that America is being led into a visionless, bankrupt future.