Preserving American oil/gas production is in the interest of national security. A foreign power (Saudi Arabia) is waging a price war. It is not a natural occurrence of market economics but a deliberate strategy to shape a vital market to their advantage and our detriment. A non-shooting war but one that could still have a devastating impact on American jobs and our economy.
I consider myself a conservative but one of the natural functions of govt is to defend us against foreign attack. I think import tariffs to protect our domestic oil/gas industry is absolutely called for in this case, which is why Obama won’t do it.
By not producing more oil, by not acting in coordination to cut production and raise global prices.
Is that your complaint? Did you have the same complaint 6 months ago? You want Cartels to raise prices and if they won't, you want the Federal Government to punish the US consumers of the same product?
Really?
Except that it is a shooting war. Kuwait, Iraq, Libya, Egypt, Kiev, Syria....they're all about domination of energy resources. The shooting is very real to those whose lives have been destroyed in those areas. When we're not doing the shooting, our proxies are doing it for US, Saudi, and global banking interests. And now the HOR and US Senate passed a bill which gives $350 million for the Kiev coup government to fight against Russia? A destabilized Russia that doesn't keep angry minorities in check is a real bad plan.
The unleashing of terror groups is a direct result of destabilization caused by this war-mongering.
Then there's the potential unintended consequences of this Saudi maneuver. Many emerging economies, including in Africa, were getting somewhere with oil profits. What's going to happen to them while Saudi rakes in profits from established oil wells? What's to stop the House of Saud from buying up oil resources that fail economically because of oil prices in freefall?
I don't see a path for this to end without it getting totally out of control.