Our way of life depends on cheap energy. If you remove cheap energy from the equation, our society will be thrown into a state of chaos. The Iranians know that closing the Strait of Hormuz is one of the most powerful forms of leverage that they possess, because the world is deeply dependent on the oil that travels through that waterway. We don’t know exactly how this crisis will play out, because the Strait of Hormuz has never been closed in modern times. But as I pointed out earlier this month, we were warned that Israel would attack Iran, the global price of oil would rise, and the increase in the price of oil would be blamed on Israel…
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