There are only two oil pipelines that could be considered ready alternatives. The first is the Fujairah Pipeline. Abu Dhabi, the leading oil producer in the UAE, has spent approximately $3.3 billion building this pipeline, which would bypass the Strait and deliver most of its oil exports to the Indian Ocean. But after years of setbacks, including a six-month delay in 2010 for "design changes," the pipeline has yet to be finished, now slated to start in May or June. Though it would make the UAE largely independent of Hormuz, the pipeline can carry only about 10 percent of the total oil transiting the Strait.

The second is the Saudi Pipeline: The Iran rival's pipeline, known as Petroline, was originally built in 1981, running to the Red Sea port of Yanbu. During the infamous Tanker Wars of the mid-1980s, when fighting between Iran and Iraq threatened to close the Strait, the Saudis increased the capacity to more than 3 million barrels of oil each day and it could now carry 5 million barrels per day. Many experts, including researchers at Rice University, have long called for a significant upgrade to Petroline to bring its capacity up to 11 million barrels per day, enough to carry all Saudi exports with spare capacity for others. This option could take some 18 months to complete, so is not an emergency alternative.

Of course other, even permanent solutions exist, like new or upgraded pipelines leading from Iraq through Syria or Turkey; but again, they would take years to implement. To make matters worse for the West, southern Iraq has close ties with Iran (Vali Nasr, an Iran expert, notes that southern Iraqi "merchants start businesses with Iranian loans," and a million Iranians visit each year, mostly for pilgrimage.) This further complicates the potential for Iraq-based alternatives. Iraq's main Gulf export terminal lies close to Iranian territorial waters.

These two pipelines might offer hope for one day bypassing Hormuz, but in the immediate future, the world is heavily dependent on Hormuz for its oil. The depressed global economy makes the threat of rising gas prices, especially in Europe and the U.S., even more difficult to stomach. The big Asian importers -- China, India, Japan, and South Korea -- are also heavily exposed.

And while oil gets all the attention, other key products must travel through the strait, including 28 percent of the world's liquefied natural gas. It's the only source of gas for Japan, South Korea, and Taiwan, and a vital fuel for reducing European dependence on Russia. Iran's Arab neighbors on the Gulf rely heavily on seaborne food and other imports.

There is another possibility: strategic reserves maintained by the International Energy Agency, an organization of 28 major oil-importing states. Reuters reported on Friday that the agency is discussing releasing strategic oil stocks in the event of a Hormuz shutdown. Each member, including the U.S. and its European partners, is required to maintain oil stocks equal to 90 days worth of imports in case of a market emergency. China has about 20 days of stocks but plans to expand this to 100 days' cover, while India is working on a 2-week reserve.