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The US "was" energy independent. But now all the US oil drillers are shutting down. The same factors hurting Saudi are hurting oil in the US.
by unreal37 6y ago
The US "was" energy independent. But now all the US oil drillers are shutting down. The same factors hurting Saudi are hurting oil in the US.
- RC_ITR 6y agoYeah, but now we’ve proven that we can supply our own oil without it being a major drag on the economy. We may go back to importing one the short term, but losing access to Saudi crude is now a 100% solvable problem, because all we need to do is ramp up fracking again.
- ashtonkem 6y agoWhile price drops can hurt US oil companies, the US is now immune to price spikes, since it can spool up oil production quickly. Maybe Congress needs to bail out oil producers during a glut, but that’s a lot cheaper than Saudi having to run most of their economy on credit.
- duxup 6y agoThe US oil business has always been boom or bust. After prices rise the oil will still be there.