But oil would go up in the process.
Bingo.
If we'd gone down the path you describe, the repercussions would have been staggering. Really bad stuff. Oil would have jumped up in price significantly. Hell, it might even have hit $40 or $50 a barrel!
Thank heavens we've been spared that scenario!
Heh! ...good one! On Iran and oil prices, imagine where prices will go after an announcement or other surprise revealing that Iran has nukes. Iran has also promised nuclear “technologies” to Syria, Sudan, the Saudis and probably others.
Personally, I almost look forward to oil going to $200 or so. ...maybe even rationing again. Maybe it will straighten us all out and help us to find a will to fight. Freight fuel prices from that will virtually put a stop to unnecessary imports and remove incentives to appease the enemy. ...painful lessons for us all, though.