What would happen if the US put a $50/bbl export tariff on oil?
US exports would cease the next day, but the price of oil for every other nation on the planet would double overnight.
How great would it be for the United States to be competing with other countries if their energy costs are twice ours?
So much winning. I am getting tired of all the winning.
President Trump warned us this would happen...
They may have just made an agreement with China to let them buy oil from them in Yuan. That could be the start of a huge problem for us.
You know what other announcement would spike worldwide prices? The US could announce to the world that the US Navy would no longer protect all international shipping. Only ships flying American flags would be automatically protected. Any other shipper could contract for the services provided now by the US Navy, compliments of the American taxpayer. A fee chart will be forwarded to any interested shipper.
Just so sick of the world taking advantage of the generosity of the American taxpayer. Europe is able to support its large safety net socialism by relying on the US promise of defense.
Actually, US oil prices would plunge, most domestic producers would be forced out of business and then the price would rise to the world market price.