"American Petroleum" Opposed Imposing Fees on the Transit of "Hormuz"

Mike Sommers, chief executive of the American Petroleum Institute, said that the largest trade association for the U.S. oil sector opposes the imposition of transit fees on ships passing through the Strait of Hormuz. Sommers added, “I think it is unlikely that we would support any new authority to impose transit fees, particularly one backed by threats of further airstrikes in the Strait of Hormuz.” He stated that increased ship traffic through the strait would be a key factor in restoring oil markets to normal, but Iran must not be allowed to control the waterway. The United States and other major oil consumers are drawing down crude oil and fuel from reserves at an unprecedented pace. Sommers said that the U.S. Congress should consider investing in the modernization of the U.S. Strategic Petroleum Reserve. He noted that the Strategic Petroleum Reserve caverns were designed for rapid drawdown, but are difficult to refill and maintain. He further clarified that Congress should also consider opening new Strategic Petroleum Reserve sites along the U.S. West Coast, an idea that the Donald Trump administration had explored prior to the outbreak of war with Iran.