ROCHESTER, N.Y. — Since the start of the war with Iran six weeks ago, the Strait of Hormuz has become a critical focus for global oil shipments. Gas prices have increased worldwide because Iran’s military shut down the waterway, through which 20% of the world’s oil supply passes. So, where does the other 80% pass through?
Iran, the U.S., and Israel agreed to a two-week ceasefire plan overnight, contingent on the strait’s immediate reopening. It’s unclear yet when that could translate into relief for gas prices. As News10NBC has covered, local businesses and farmers have had to make tough choices about spending because of the rising cost of fuel during the war.
The strait sees more than 20% of the world’s oil shipments, roughly 20 million barrels per day, normally. But the other 80% ships through at least seven other maritime corridors around the globe, according to the U.S. Energy Information Administration.
The largest single maritime oil trade route in the world is the Strait of Malacca, south of Malaysia, which handles 29% of shipped oil. Twelve percent of oil comes through the Bab el-Mandeb Strait between Africa and Yemen. Roughly 12% passes through the Cape of Good Hope at the southern tip of South Africa. The major trade routes stretch all the way around the globe to the Panama Canal, which sees just under 3% of shipments.
About 75% of the world’s oil is shipped by sea. Most of the oil that passes through the Strait of Hormuz is heading for Asia.
Tips to save on gas
Rochester’s average price for gas continues to rise, hitting $4.13 per gallon on Wednesday, according to AAA’s latest report. So, how can you make sure you’re getting the best deal? You can check out the GasBuddy website to find the best price in your area. In addition, News10NBC’s Deanna Dewberry has some tips to improve fuel efficiency or find the lowest price:
Keep your gas tank at least half full. This way, you have time to choose the cheapest gas station instead of what’s available in the area. Drive smoothly, as hard braking and acceleration can reduce fuel economy. Purchase top-tier gas for better engine performance and fuel efficiency. Regularly check tire pressure, as low pressure can affect fuel efficiency. Use gas apps to find the cheapest gas nearby.RELATED:
Consumer Alert: Gas prices in Rochester see fastest increase since pandemic Rochester delivery driver says rising gas prices eating into earnings Consumer Alert: As gas becomes a budget buster, here are ways to save Consumer Alert: How rising fuel costs is impacting spring break travel plans Consumer Alert: How overnight attacks on gas fields in Iran hurt us at the pump at home Consumer Alert: Gas prices on the rise in Rochester as oil hits $100 a barrel Consumer Alert: Experts warn Iran war could trigger a U.S. recessionGood Question: Where does the world’s oil travel through besides the Strait of Hormuz? WHEC.com.
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