My vote is yes, but that’s what Bessent says we are doing.
Worthless in Two Years
The Hill reports Bessent predicts Strait of Hormuz will be ‘worthless’ in 2 years
Treasury Secretary Scott Bessent said Tuesday that the Strait of Hormuz will be “worthless” to the oil industry in two years.
Speaking to Fox Business’s Larry Kudlow on the sidelines of the Group of 20 finance ministers’ summit in North Carolina, Bessent argued the key waterway is “not a choke point” for the U.S.
“In two years, the Strait of Hormuz will be… a worthless piece of water,” he told Kudlow, adding oil “will be going on pipelines across land.”
Assuming Bessent actually believes what he says, the correct policy is to open the strait, let Iran collect tolls at a diminishing rate to worthlessness in two years.
Instead, oil prices are soaring, diesel is about to hit an all-time high, we are risking US lives, our air bases are destroyed, and we are running out of missiles fighting over something that will soon be worthless.
Also note US oil reserve hits 44-year-low amid Iran war, global energy shortage
The U.S. Strategic Petroleum Reserve has dropped to its lowest level since 1982, Department of Energy data this week showed, revealing the continued drawdown of emergency oil as the nation weathers a global energy shortage.
The reserve shrank by more than 3 million barrels of oil over the week ending on Aug. 28, the DOE said, leaving the stockpile at 286.6 million barrels or about 40% of overall capacity.
At one point, global oil prices climbed above $92 a barrel on Tuesday, after the United Kingdom Maritime Trade Operations said late Monday it had received reports of an oil tanker having been struck by three projectiles off the coast of Oman.
Established after the Arab Oil Embargo triggered an energy crisis in the early 1970s, the Strategic Petroleum Reserve provides an emergency source of oil that is intended to protect the U.S. against a sudden supply crunch.
In some alternate universe these actions are 5-D chess.
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Article posted with permission from Mish Shedlock
