Kuwait says Iran has assured it will not shut Hormuz

[Eugene]

Source: Reuters

Kuwait says Iran has assured it will not shut Hormuz

DUBAI | Tue Mar 20, 2012 9:07am EDT

(Reuters) - Iran has assured Kuwait it will not try to close the vital Strait of Hormuz shipping route, Kuwait's ruler said in remarks carried by state-run news agency KUNA on Tuesday.

Sheikh Sabah al-Ahmad al-Sabah said Kuwait nevertheless had been working for "a long time" on building up an oil stocks outside the Gulf to ensure steady supplies to customers.

After threats by Iran that it could shut the most important oil transit channel in the world, if Western governments stop it from selling crude, Kuwait's emir and other Gulf leaders have sought assurances that Tehran will not follow through with the threats.

&quot We) have contacted officials in Iran to ensure that no action is taken to close the Strait of Hormuz," according an English version of his remarks to Japanese press distributed by Kuwait state news agency KUNA.

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Read more: http://www.reuters.com/article/2012/03/20/us-kuwait-iran-hormuz-idUSBRE82J0JG20120320

[global1]

1. So Will Gas Prices Start Coming Down Now?........

Wasn't Iran shutting down Hormuz one of the oil speculators excuses for bidding up the price of oil? With Iran saying they won't do that and Kuwait now having a supply of oil outside the Gulf to ensure steady supplies to customers - shouldn't we see gas prices starting to taper off and fall?

What's the new excuse going to be for high gas prices? \

Will they finally admit that they are raising the price of gas to make Obama a one term president? Will they continue to blame the high gas prices on Obama?