“Now the US needs to open up Keystone and resume drilling and drive the price of oil through the floor. That will finish off Russia and Iran for at least a generation.”
We need to ramp up oil and gas production in any event.
That would be the smart thing to do.
However, it would also reduce US oil production too.
Many of the US wells are not profitable under $50/barrel.
Alberta producers get less than the US wells because of the limited pipeline capacity out of there. Which has always been the reason behind Keystone.
The US shale producers are fine pumping at $73/barrel.
Saudi keeps reducing output because demand in China is so low.
China’s economy is practically shut down.
They are dumping cars into Africa and other places because they can’t sell them at home. The reports of the Chinese economy are all bad. There will be a wave of business failures this year.
This means OPEC has to reduce output because Russia, Iran, and others are selling as much as possible. So, the price of oil might remain soft because of the Asian economy sucks.