As the war between the United States and Iran amps up, drivers all over the world are being affected. Gas prices soared to over four dollars per gallon towards the end of March, and they show no signs of descending anytime soon.
Ever since President Trump mobilized the United States military in Iran, the Iranian government has effectively blocked all transportation in the Strait of Hormuz, a crucial waterway for the exportation of oil internationally. This has a profound effect on the global fuel economy, putting financial strain on billions of people.
According to CBS News, the Strait of Hormuz “ordinarily enables the flow of about 20 percent of global oil — roughly 15 million barrels of crude per day,” describing it as a “strategic ‘choke-point’” for crude oil. For fear of attack, oil exports from countries like Saudi Arabia, the United Arab Emirates, Iraq, Kuwait and Qatar have come to a standstill. With the world lacking 20 percent of its typical global oil supply, the price per barrel of crude oil has risen to over $100.
At the same time the US military is destroying Iran’s Nuclear capabilities, they are also working to resolve the growing oil crisis. They have been attempting to remove and bypass the blockade, offering escorts and US government-funded insurance to all oil tankers in the strait. Furthermore, President Trump is urging NATO and other allies to aid in the removal of the Iranian blockade, as the skyrocketing oil prices are an international concern. Already six countries– the U.K., France, Germany, Italy, the Netherlands and Japan– have indicated that they would readily take part in an international effort to secure shipping in the Strait of Hormuz, but only once the hostilities end.
As gas prices continue to rise and add to the financial burden of everyday Americans, many people, including the students and teachers here at East, are full of complaints. Avery Barnes, a junior and young driver here at East, expresses her frustration. “Gas prices are the reason why I’m broke right now.” Elevated oil prices also contribute to the financial burden of teachers.
Even though the US is the world’s leading oil producer, the blockage of oil supplies in the Middle East impacts the global oil market, and residents in some states have already started paying over five dollars per gallon. If the blockage continues, President Trump has indicated that the attacks on Iran will continue “at a much, much harder level.”
