Yes. You were thoughtful enough to lay it out. The free flow of oil at market prices is much more crucial to Europe and Japan than it is to us.
Let them defend those duplicitous bastards in Riyadh.
We should have turned them into radioactive dust 18 years ago.
L
The free flow of oil at market prices is much more crucial to Europe and Japan than it is to us.Yes, because our nationalized petroleum industry will be unaffected by the global oil market. It won't effect OUR economy. Oh, wait, we're not a communist country and our oil prices reflect global demand? And our economy actually depends on a healthy global economy? Gee, we won't be 'quite' as screwed as Europe and Asia, that's reassuring. Let it burn, right?
Every drop of crude sold by US producers is sold at market prices.
Shut off the Gulf producers and that crude sells for well over $200 per bbl. And that’s what all US refiners will pay.
It’s not like we are impervious to the selling price just because we produce much of our own. It is a worldwide market commodity.
And when the European, Japanese, South Korean economies begin to fail, our exports of everything will too.
Those exports out of the Gulf are the lifeblood of several trillion dollars of commerce...far beyond the value of the oil itself.