The Saudis are borrowing a page from John D. Rockefeller’s playbook. They are flooding the market with cheap oil to put the North American competition out of business. Once they go under they can raise the prices again. We should respond with an import tax on oil other from Canada until prices rise to a level that supports domestic production.
I suspect the Saudi moves are aimed a lot more at defunding Iran than affecting American production.
“We should respond with an import tax on oil other from Canada until prices rise to a level that supports domestic production.”
That would accomplish two things. It would raise the price you pay at the pump and it would give the gov’t more money to piss away. Even if there was some short term benefit that TAX would be forever.
Rockefeller was a genius who did it through production efficiency. This isn’t that.