The difference between 2008 and today is that the US is a net exporter, which means the US has the option cut its exports to keep oil prices down at home. That’ll have fascinating effects on global oil markets.
Fossil fuel markers are global. Unless the US stops all of its oil producers from engaging in international trade, they cannot prevent prices from rising in the US. The fossil fuel lobby is extremely powerful in the US and it is very unlikely they would allow the state to take such an aggressive action against free trade, as it would deprive them of a golden opportunity for enormous profits. Not to mention it sets an incredibly dangerous precedent of the state exercising power over the private sector. And even if they do stop or severely curtail exports, that will have even bigger consequences on the US through the cascading effects of a global economic crash, since the US is highly embedded in the global economy.
Yup, the US is largely self sufficient in oil and gas right now. However, if the US cuts the vassals loose, that’s going to be disastrous as well. The US has significant dependence on trade with G7 countries, and if they start collapsing economically, then there’s going to be blow back in the US as well. It’ll likely be a bit more delayed, but I can’t see how the US escapes this unscathed.
The difference between 2008 and today is that the US is a net exporter, which means the US has the option cut its exports to keep oil prices down at home. That’ll have fascinating effects on global oil markets.
Fossil fuel markers are global. Unless the US stops all of its oil producers from engaging in international trade, they cannot prevent prices from rising in the US. The fossil fuel lobby is extremely powerful in the US and it is very unlikely they would allow the state to take such an aggressive action against free trade, as it would deprive them of a golden opportunity for enormous profits. Not to mention it sets an incredibly dangerous precedent of the state exercising power over the private sector. And even if they do stop or severely curtail exports, that will have even bigger consequences on the US through the cascading effects of a global economic crash, since the US is highly embedded in the global economy.
Yup, the US is largely self sufficient in oil and gas right now. However, if the US cuts the vassals loose, that’s going to be disastrous as well. The US has significant dependence on trade with G7 countries, and if they start collapsing economically, then there’s going to be blow back in the US as well. It’ll likely be a bit more delayed, but I can’t see how the US escapes this unscathed.