The US is the largest producer of oil in the world. If the price of oil went way up a lot of things would happen including the US would start producing more oi

The US is the largest producer of oil in the world. If the price of oil went way up a lot of things would happen including the US would start producing more oil as marginal projects would start to make economic sense. The second thing that would happen is people would start buying more hybrid and electric cars. I have no idea what will happen to the price of oil. I do think that in general people who say things like "finally the US will start paying its bills!" are often not very sophisticated investors. They don't have finance degrees, work on wall street, or have long history as investors. Not that that precludes them from being right! But they could also just be people with an axe to grind and little to lose.