[jpsb]

"Under what circumstances would oil cost $300 per barrel"

Dollar drops in value. (Demand for dollars falls).

[Alberta's Child]

OK. So the dollar drops in value in a big way. That would make it cheaper to produce things (including oil) here in the U.S., so under that scenario U.S. exports will grow, imports will shrink, and we'll start running huge trade surpluses. You'd think Pat Buchanan and his fellow protectionists would love this, but the problem under that scenario is that it means we can't even afford to buy the things we produce here in the U.S.