I’ve been advocating this idea for a long time.
Not only are the Chinese cashing in on the oil we helped bring back on-line to the global economy, but we are single-handedly protecting it.
The U.S. Fifth Fleet (based in Bahrain) specifically protects oil tankers moving through the Strait of Hormuz.
The Strait of Hormuz is a narrow opening at the base of the Persian Gulf only about 24 miles wide. That’s less than the distance between the White House and Dulles International Airport.
The shipping lane is only about two miles wide.
It is bordered on one side by Oman and on the other by Iran.
According to the U.S. Energy Information Administration, some 17 million barrels of oil pass through the Strait of Hormuz every day.
According to National Geographic, 77 percent of that oil goes to Asia, eight percent to Europe, three percent to Africa and other Middle Eastern destinations and only about 12 percent comes to the U.S.
Yet we pay 100 percent of the cost of protecting that oil.
Yep! We are safeguarding the oil supplies for China and for the rest of the world and we are bearing all of the cost. That also includes the money we spent to oust Saddam Hussein.
I am not suggesting we pull up stakes (or anchors) and leave ships passing through the Strait to their own devices – or the Iranian navy, but Professor Roger Stern, of University of Tulsa National Energy Policy Institute has estimated that from 1975 to 2010 the U.S. had spent $8 trillion protecting that oil.
That’s a little over a quarter of a trillion dollars a year to make sure the Chinese and the Europeans’ oil travels safely to their home ports.
We need the two million barrels of oil we get from Persian Gulf shipments because even with domestic oil production on the rise, we still use more oil (mostly for transportation) than we produce.
No thanks to Obungler and the rest of the Dimocrat Party which will not let us drill in ANWR, off the coast of the Gulf of Mexico, and on federal lands. Think of how much more oil we could produce. Even so, due to the shale oil boom we may be meeting all of our needs with domestic oil production by 2020.
SOURCE: Knuckledraggin My Life Away
Shutting down the Fifth Fleet headquarters in the Gulf is not an option. But, getting the countries that are the beneficiaries of our Navy’s protection should be.
A virtual toll booth for ships passing through the Straits of Hormuz to help defray the costs of protecting them should be part of a plan to reduce the U.S. national debt.
Exactly. The rest of the world should be paying us to keep the Straits of Hormuz open. I figger $5 a barrel should go a long way towards compensating us for keeping the Straits open. Every tanker pays or we don’t let it through. We could shut things down a lot easier than keeping the Straits open.
It’s the fair thing to do.