A Quote by Philip Hammond
Disruption to the flow of oil through the Straits of Hormuz would threaten regional and global economic growth. Any attempt by Iran to close the Straits would be illegal and unsuccessful.
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Oil is a tangible commodity, so there is a global market. The fact that we may need less may affect the global price because we're big consumers: we probably take about a quarter of global demand. But if suddenly, let's just use a crazy example, fighting in the Middle East led to the closure of the Strait of Hormuz and no oil could get out through the Strait of Hormuz, well that would affect China, India, Europe, it will affect the whole global economy. It will affect us, too, then.
We have global interests, potential threats from elsewhere, North Korea, Iran, Taiwan Straits and the like. We must be prepared for any future threat. That is why it is important that this be a transition year, 2006.
Our intention to regard the closing of the Straits as a casus belli was communicated...to the foreign ministers of those states which had supported international navigation in the Straits in 1957 and thereafter. There can be no doubt that these warnings reached Cairo. One thing was now clear. If Nasser imposed a blockade, the explosion would ensue not from 'miscalculation', but from an open-eyed and conscious readiness for war.
The Strait of Hormuz is an international waterway, and it is not helpful for any nation to suggest that it would attempt to restrict traffic through the strait.
By accident of geography, the world's major oil resources are in Shi'ite-dominated areas. Iran's oil is concentrated right near the gulf, which happens to be an Arab area, not Persian. Khuzestan is Arab, has been loyal to Iran, fought with Iran not Iraq during the Iran-Iraq war. This is a potential source of dissension. I would be amazed if there isn't an attempt going on to stir up secessionist elements in Khuzestan.
If a single act of folly was more responsible for this explosion than any other it was the arbitrary and dangerous announced decision that the Straits of Tiran would be closed. The right of innocent, maritime passage must be preserved for all nations
China is certainly an important player in the global economy, and a widespread AIDS epidemic would threaten that growth.
In order to threaten Iran, you [America] say that you can secure the energy flow in the region. You are wrong. Beware that if you make the slightest mistake over Iran, the energy flow through this region will be seriously endangered. You will never be capable of providing energy security in this region. You are not capable and you should know this.
There are times, like with Dire Straits, where you can get as close as you can be to being good at your instrument and not cross over to that tasteless place.
If you squeeze and squeeze, and you don't allow the Iranians to sell any oil, then what do they have to lose by shutting the Strait of Hormuz down? And if they do that, that's 35% of all the world's oil that comes through the strait and 20% of the liquefied natural gas in the world.
Economic growth must be the central issue because it is only through growth that the devastating threat of national bankruptcy can be averted. Furthermore, it is only by reviving American economic growth that the West's global predominance can be sustained, and peace and freedom kept secure around the world.
The U.S. couldn't play a military role in different areas like Iraq and Afghanistan without huge quantities of oil. So a shortage or disruption in oil would not only damage the U.S. economy; it would undercut American military supremacy.
There are no military options for Iran. Attack them, and they will destroy the Gulf States oil industries, rain hundreds of missiles onto Israel, close the Arabian Gulf, and shoot oil prices to $300 per barrel, which could cause our own economic downfall.
We cannot tolerate a nuclear Iran. It would be a game changer. Not only would it threaten Israel, a country that is our stalwart ally, but it would also create an environment in which you could set off an arms race in this Middle East.
There would be economic disruption in Omaha from expanded gambling...You would just be moving Chernobyl closer to the population center
Liberalized trade - in broadly multilateral, regional, or bilateral agreements - is a key ingredient in the recipe for prosperity... An absolute prerequisite for long-term economic growth is full participation in the global economy and trading system.
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