Probably what they will do is flood the market with cheap oil like they did in the 80’s and that will make drilling for the shale oil to expensive. I would like to see a tariff on imported oil if they do that to encourage US production
What - didn’t you hear that Obama negotiated with the Saudis to lower the price of crude. Of course he did it for selfish reasons (he wants to get reelected), but a month or so ago he got the crude flowing at considerably lower rates.
Of course the main stream media made little note of that fact.
I suggested that to my Congressman in 1986, but Congress, in its usual wisdom decided a tax at the pump was better. I still think a tariff to support a base price to keep domestic production and exploration going until we are more self-sufficient is a good idea, phased out if the price of oil goes higher.
Why not use up their cheap oil first and then the US can use or sell her oil? Saudi Arabia has been a key player in the stability of the US dollar and its use as the world's reserve currency. If US casts off too many long time allies the world will turn darker for her.