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America's welfare/warfare state has grown up around the petrodollar arrangement between OPEC and America. By importing vast quantities of oil from OPEC nations, we are better able to maintain this arrangement. If we were to suddenly stop being a customer for OPEC oil, there would be enormous pressure on them to accept currency other than dollars which would threaten not only our way of life but all of western capitalism.

The petrodollar arrangement has been very good for us but, unfortunately, it's a jesus nut and, as such, we spend a lot of time, money, and energy ensuring that that nut doesn't come off because if it does, it's COMWEC time.

Furthermore, I'm not sure lower oil prices are a good thing for America. If supply is too high and/or demand is too low, prices drop and shale oil extraction becomes cost prohibitive.

This is my present understanding of the situation.

The shale plays, even with the low current price of natural gas, are being pursued in areas with wet gas. The money is in the butane, propane and ethane that is being stripped from the natural gas. The oil is a by product in a sense.

Lowering energy costs in this country may provide impetus for economic development. If nothing else, forcing gasoline prices lower would allow families with members that must commute to work to use the money saved for other expenses.

It might open up minimum wage jobs to people that currently can’t afford the commuting costs to get to work.

... it’s a jesus nut ...
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First time I’ve heard that term in many years!

I’m a retiree after 35 years at Bell, so I suppose you’re also very familiar with choppers. Good on ya!