This isn’t about oil, it’s about currency. Our number one export is dollars. Should that end, exporting oil won’t solve solve the new problems that will be arising.
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Yes but in five years when the USA is producing 5 million barrels@ day more oils/natural gas/gas condensates/ the US balance of payments will go positive. So the USA will no longer be exporting dollars.
Further, if you’re watching the federal deficit is falling fast. If the rate continues—the federal deficit will be almost nothing in 3-5 years.
With the USA becoming an export driven economy with no federal deficits—the dollar will go up wildly.
You’re not seeing what’s happening.
The American way of life revolves around exporting those dollars. That is what allows us to run up a 17 trillion dollar debt and $125+ trillion in unfunded liabilities. Exporting dollars is a tax on every nation that is forced to use those dollars. Once we can no longer impose that tax, our options start to get limited as far as paying for our lifestyle. No amount of oil exports will allow the United States to maintain the level of spending it has become accustomed to thanks to the limitless credit card that is petrodollar recycling.
Further, if you’re watching the federal deficit is falling fast. If the rate continues—the federal deficit will be almost nothing in 3-5 years
yet, we're still $17 trillion in debt and still climbing. And we still have $125 trillion in unfunded liabilities and that is still growing as well. The falling deficit is primarily due to sequestration, militray budget cuts, and tax hikes btw. How long do we keep that up? That reminds me, the food stamp "cuts" go into effect today.
With the USA becoming an export driven economy with no federal deficits—the dollar will go up wildly.
There's no doubt that our domestic oil production and exportation will change a lot of things for a lot of people. I'm not sure it is a panacea however and it comes with its own set of problems. Nevertheless, "drill baby drill" seems like the only way forward for America.