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Crisis in Iran may spark fuel rationing in RP, says DoE By Pat C. Santos 01/11/2012

Wednesday, January 11, 2012

Crisis in Iran may spark fuel rationing in RP, says DoE

By Pat C. Santos 01/11/2012
Rationing of fuel supply in the country will happen if the ongoing tension in the Middle East, particularly in Iran, results in the closure of the Strait of Hormuz which serves as a major passageway for oil tankers, according to the Department of Energy (DoE).

Iran’s threat of a blockade on the strait alone has already caused major concerns in the international oil market and was the chief cause of the jump in prices during the first week of 2012.

“Oil prices rose higher in the first trading week of 2012 driven by heightened concerns over Iran’s threat to close the Strait of Hormuz, the strategic waterway where one-sixth of the world’s oil pass daily, should economic sanctions limit, or cut off, Iranian Oil exports,” the DoE’s latest oil monitoring report said..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/metro/20120111met6.html

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