Odd thing: According to their underlying projections, U.S. oil production would increase so much at $70 per barrel, we’d become oil exporters. At $80 per barrel, we’d be exporting 2 million bpd.
At importing 5 million bpd, we run a $90 billion trade deficit on crude oil. (We actually do much better still because we make a lot of money refining oil.) In 2005, that deficit was $270 billion. At $80 a barrel, we’d make a $50 billion surplus (plus about $90 on refinement).
Just imagine what this means: Next oil price shock, the higher oil costs will mean the U.S. economy does BETTER because of the higher cost of oil.