The Collapse of the Soviet Union and Ronald Reagan
"Because of the high oil prices of the 1970s the Soviet leadership avoided serious economic reforms, such as those that saved Deng Xiaoping’s China. Instead, it relied on oil revenues as a means of keeping its decrepit economy going . . . 'One of the most effective ways in which [Reagan's] economic policies weakened the Soviet Union was by helping bring about a drastic fall in the price of oil in the 1980s, thereby denying the Soviet Union large inflows of hard currency.'"
Turn our oil loose. The Islamists will be the losers-- if only we did not have a president who seems to favor them.
Turn our oil loose. The Islamists will be the losers— if only we did not have a president who seems to favor them.
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Yeah that’s what’s happening now. US oil production is going straight up because of high oil prices and new technology.
Basically there is a huge unwind of what happened in the 1970’s.
However, what will kill oil prices 10 years from now won’t be huge supply but rather falling demand because of the shift to natural gas houses trains trucks and buses plus electric cars.
I’m hoping oil prices stay high for the next 5 years so the frackers can expand production to the point where the USA is oil independent. That way falling prices have less of a chance of causing the USA to be a net oil importer again.