Lionel Beehner: One Way to Lower Gas Prices: Lay Off Iran

For the love of cheap gas, shut up, already. Let's stop with this nonsense about us or the Israelis launching a preemptive strike against Iran. Every time Seymour Hersh fires up his typewriter -- warning the world that an invasion of Iran is imminent -- the price of oil inches upward (unleaded gas rose to $4.09 a gallon on Wednesday, a 12 cent spike from the previous month). That is because the price of oil is determined by the perception of future supply and a war with Iran would, presumably, restrict the flow of oil out of the Gulf -- hence prices go up for average consumers. Although Iran's oil minister said his country would not curb its supply of crude were it to come under attack, the commander of Iran's Rev Guards said over the weekend that if attacked, Tehran would take control of the Strait of Hormuz, through which... [read full story]