The dispute over Iran's nuclear program has again rocked oil markets. And Iran is threatening to close the Strait of Hormuz, which is just 34 miles wide yet serves as the passageway for 20 percent of the world's oil.
This is not a new drama. In fact, it was a recurring issue in the 1980s. Still, there's been relatively little activity among Gulf oil producers to find alternative routes to get their oil to market.
Oil and gas companies doing business here in the West have sparred quite a bit with the Obama Administration since it took office in 2009… the now tabled “Wild Lands” policy is just one of the heated issues that comes to mind.
Boulder County is the latest local government in Colorado to adopt a temporary moratorium on new oil and gas drilling permit applications, as local officials consider overhauling land use regulations to mitigate what's becoming an explosion of oil and gas development associated with the Niobrara shale.