But we are or were diversified. Is the price of nat gas affected too?
Your comment doesnt make sense. What does diversification have to do with the net loss?
The USA is the largest producer of oil. It is a net exporter. From a pure economic basis alone, cheap oil is a net loss to the USA.
This, of course, ignores the strategic importance of the USA being energy independentTrump can ignore the mullahs or bomb them, and they dont have the weapon of an oil embargo. They have no power.
Much the same with Russia.
China, the largest importer of oil, however can fuel its economy cheaply. It even imports natural gas (which yes is almost free).
The end result of letting this go on will be dependence on the mullahs. Jimmy Carter malaise times.