It wasn’t a Saudi and Egyptian manufactured crisis that raised the price of oil. The Saudis weren’t economic illiterates and harming their largest customer wasn’t in their interest. Getting paid in non-depreciating dollars was in their interest.
Nixon abandoning the Bretton Woods monetary regime was the pivot for the rise in oil prices. Inflation ensued, and with oil priced in dollars OPEC’s real income declined along with the dollar’s value. The increase in oil prices in nominal dollars brought its price back to the long term trend line in real dollars.
Nixon, Ford and Carter tried price controls and other regulations that resulted in shortages and less supply. Reagan knew enough to scrap all that and let market forces work to increase supply and lower the cost of oil. Fracking has similarly increased supply. The drop in price is partially due to an increase in supply. But it’s been big enough that it surely has to be some OPEC producers trying drive out their competition.
“Not to mention debts that are beyond the ability of our nation to repay.”
And how exactly are you calculating that? Percentage of GDP?
It was the Egyptians convincing the Saudis in1973. This is documented history. And yes, we have over 100 Trillion in unfunded mandates, from Social Security, to Medicare, to pensions, to welfare. Look that up as well. There is no way we can pay this, barring a massive “reset” or the collapse of the dollars followed by a new world currency in the realm of SDR backing.