We are becoming oil independent in spite of Obama, even though he and the greenies fight against it.
The catch 22 is if we don’t import oil(or anything) paid for in US dollar, which in turn is used by the foreign nation to buy treasuries, the gov’t would have to cut its spending deficit, but probably not before forcing retirement accounts to buy treasuries.
The catch 22 is if we don’t import oil(or anything) paid for in US dollar, which in turn is used by the foreign nation to buy treasuries, the gov’t would have to cut its spending deficit, but probably not before forcing retirement accounts to buy treasuries.
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good point. however, the added oil production is directly adding 100 billion annually to federal revenues and indirectly another 100 billion byo higher stock market prices.
You’ll notice that in the last year the federal deficit shrank by over 300 billion dollars to about 680 billion dollars. Its on track this year to shrink by another 200 billion dollars.
Result? less need for foreign countries to buy US treasuries.
You are also right that all of this is happening IN SPITE of Obama —not because of him.
If O’bummer was smart, he would immediately open up federal land to oil and gas extraction to sell overseas. Who cares to whom?
Just that announcement would make the whole world take heed.