Chevron mulls rebuilding Kirkuk-to-Syria pipeline bypassing Strait of Hormuz
Business
Chevron is thinking about rebuilding an old pipeline in Iraq that would send oil straight to the Mediterranean, skipping the risky Strait of Hormuz.
The original Kirkuk-to-Syria line has been out since 2003, but with U.S.-Iran tensions making oil routes unpredictable, Chevron's move could help steady supplies.
Chevron Iraq talks still early
Chevron and Iraq's government have been discussing this for over a year, but things are still in early stages.
The US hopes this project will boost teamwork between Iraq and Syria (and maybe cool off regional tensions) especially as diesel now averages $5.01 per gallon and gas is at $3.94, both climbing after recent supply disruptions.