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Bessent says Strait of Hormuz would be 'worthless piece of water' as oil pipelines bypass it

WASHINGTON — U.S. Treasury Secretary Scott Bessent said Tuesday that the Strait of Hormuz will be "like a worthless piece of water" in two years as oil will be shipped through land-based pipelines, bypassing the crucial waterway. Bessent made the remarks during a fireside chat with FOX Business Network host Larry Kudlow at the Group of 20 finance ministers' meetings in Asheville, North Carolina,…

koreatimes.co.kr ·

Bessent says Strait of Hormuz would be 'worthless piece of water' as oil pipelines bypass it

U.S. Treasury Secretary Scott Bessent warned on Tuesday that the Strait of Hormuz will become an "unworthless piece of water" within the next two years, as oil shipments will bypass the strategic waterway through land-based pipelines. The treasury secretary made these remarks during a fireside chat with FOX Business Network host Larry Kudlow at the G20 finance ministers meetings in Asheville, North Carolina.

Tensions between Washington and Tehran have escalated in recent months, with both nations exchanging strikes that have put the future of the strait at risk. While Bessent acknowledged that the United States is not a choke point for the Strait of Hormuz, he emphasized that many other countries are indeed reliant on the route. The secretary added that in two years, the Strait of Hormuz will lose its significance, as oil will be transported through land-based pipelines.

During the Middle East conflict, Iran has effectively blocked the crucial shipping route, causing disruptions that have contributed to high energy prices and putting pressure on Washington.

Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.

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Democratic Party of Korea Rep. Park Ji-won on the 31st made a remark that seemed to criticize former Justice Minister Cho Kuk, saying “(Cho Kuk) was sleeping and suddenly (became a politician and) made a big mess.” On this day, Rep. Park made a Facebook post saying “If the prosecution pushes through with the indictment against my wife, I will have no choice but to take responsibility as a husband,” referring to the prosecutors’ investigation into allegations that Rep. Park’s wife, Kim Kyeong-suk, illegally intervened in a prosecution probe. In the post, Rep. Park also mentioned, “If they (the prosecution) go through with the cancellation of the indictment, it will be a fiasco for them,” which seemed to imply that if the prosecution cancels the indictment, it will only end in embarrassment for them. However, Rep. Park’s remark about Cho Kuk drew more attention. When asked by a reporter about his remark, Rep. Park said, “I was just making a remark that can be commonly said in everyday life. I didn’t mean anything in particular.” However, Rep. Park’s remark was made on the same day that Rep. Lee Hae-chan, the leader of the Democratic Party of Korea, made a remark that seemed to criticize Cho Kuk, saying, “If there are any remaining issues with Cho Kuk, they should be resolved within the party.” Earlier on the 30th, Rep. Kim Chong-in, the interim leader of the Democratic Party of Korea, also made a remark that seemed to take distance from Cho Kuk, saying, “The party and Cho Kuk are separate.” It appears that Rep. Park’s remark was made in a similar context, and it seems that some within the Democratic Party of Korea are trying to distance themselves from Cho Kuk. Rep. Park’s remark sparked controversy, and some on social media criticized Rep. Park, saying, “It seems that some lawmakers are trying to distance themselves from Cho Kuk.” On the other hand, some supporters of Cho Kuk expressed discomfort with Rep. Park’s remark, saying, “It seems that Rep. Park is trying to take a swipe at Cho Kuk.” Cho Kuk himself has not made a public remark about Rep. Park’s comment.

·hani.co.kr

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