Mostly agreed. BUT, our price will pretty much be the global price, with a little slosh depending on source. If Iranian oil output is offline, that could be a problem for us, price-wise. In a global shortage, our other sources go up in price, even our domestic suppliers.
The other factor is that if other major economies crumble (even China’s), that will hurt us.
IMO it makes more sense to take out Iranian refined products, making them unavailable to them, but helping glut the market with crude, minimizing profit to them.
“In a global shortage, our other sources go up in price, even our domestic suppliers.”
I’m not sure on that. With a little movement by the administration, we can easily recoup the Iran shortage with our own availability let alone those other nations that would give their firstborn to get a market like the US. And I’ve never seen prices go up when competition for a guaranteed buyer is in the mix. That only happens in the US when politics are involved and those nations that were already selling could use the business. They aren’t exactly rolling in dough. And an oil deal could also open up trade with those little nations. Like Chrchill said,” “Never let a good crisis go to waste.”
wy69