If the Middle East explodes the price of oil is going to skyrocket and thus we spend a large amount of money to keep stability there. Do you think we're so buddy-buddy with them because we like societies that treat women like animals and that export religious fundamentalism?
Very poor argument and you made no case for us spending hundreds of millions of dollars subsidizing oil. Simply not true.
If the Middle East explodes, oil will rise, no question. Then the other oil producing countries will take action. Russia, Canada, Mexico, Venezuela, Brazil, the United States, etc. Oil prices will rise but so will production from these countries and others. This is not 20 years ago. Fracking has made a huge difference.
We are not buddy buddy with the Middle East. We want peace for the reasons mentioned in my prior post. The migrant situation has destabilized much of Europe. We have no relationship with Syria or Iran. Saudi relationship is strained. We have ok relationships with the other gulf states. Iraq relationship is ok but strained.
If oil get to just $60 - $70/bbl, Saudi imports will drop dramatically. Oil exports from the U.S. will rise.
In late December the US Congress
lifted a 40 year ban on exporting oil. By late January the first shiploads of oil were off to Europe.
Now
it is reported that the US has turned into an ‘oil nation’ with record exports, ‘eating’ away at OPEC’s market share:
The U.S. exported a record amount of crude oil, topping a million barrels a day for a second week and filling the gap in world markets created by OPEC cutbacks.
Shale and other U.S. producers sent 1.2 million barrels of crude oil onto world markets last week, up nearly 200,000 barrels a day from the week earlier and about 350,000 barrels above the four-week average, according to Energy Information Administration data. Until recently, the U.S. was exporting about 500,000 barrels a day.
With the
US entering the world oil market, “OPEC doesn’t really control the oil market any more”. OPEC is compiled of a number of terror states, so taking away the only real source of income for these states, is a very good thing.
It’s about time that US oil can legally be exported – Along with prosperity it makes the world safer.