The American Petroleum Institute, the top U.S. oil industry trade group, opposes tolls or transit fees for vessels crossing the Strait of Hormuz, according to its chief executive Mike Sommers.
Background
Oman has presented Iran with a plan backed by Gulf states to manage the Strait of Hormuz, which includes Tehran collecting voluntary fees from vessels using the waterway.
Sommers stated that increasing vessel movements through the strait will be key to returning oil markets to normalcy, but Iran must not be allowed to control the waterway.
The U.S. Congress should consider investing in upgrading the U.S. Strategic Petroleum Reserve, Sommers said, noting that SPR caverns were designed for fast drawdowns but are difficult to refill and maintain.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
