US should ramp up oil production, bring down the price of oil and make putin unbable to finance war
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Back in the 1970s, when the Arabs were threatening to embargo oil from countries supporting Israel, Jimmy Carter went to the Texas oil companies and asked them how much of an impact this embargo would have.
The reply was none at all. If the Texas Railroad Commission will loosen regulations (oddly, oil is managed in Texas by an agency named Railroad Commission of Texas) we can ramp up production and replace anything the Arabs were supplying.
So Carter ignored the Arab threat and the Railroad Commission gave the oil companies whatever they wanted and . . . and . . . oil production did not rise. The absence of oil, for those old enough to remember, generated long lines at gasoline stations and imposing of license plate odd/even restrictions for rationing. You could spend an hour in line waiting. It turned out Geology was more powerful than oil companies and the Texas Railroad Commission.
Point being, that is what happens in oil scarcity.
For India and China, enormous oil importers, they have to have Russian oil. Have To Have. There is nowhere else to get it. Every other producer already has customers. This is what scarcity looks like.
And so, presuming the US can flip a switch and increase oil production and control the price of oil . . . this presumption is not new. The Permian shale companies are all on the same page right now about the emptying of the primary rock. Shale has been draining for 15 years now. Why would you think a wave of the hand can increase production?
Biden basically financed it by cutting back on our own supply.
“The absence of oil, for those old enough to remember, generated long lines at gasoline stations and imposing of license plate odd/even restrictions for rationing”
I was in college. I lived in a dorm and road a bicycle... I missed the whole affair, and never voted for Carter...