The Arab States need not 'embargo'...they just need to announce a 50% reduction.
So what you say...the price now at $26? They say..so what, we sell half our usual amount to you at say $52...who looses?
Not them...they get all but the same $$$ at the end. We get $3-4 gallon gasoline and an economy that hits near depression levels.
Oh yeah, it is said...Russia can supply us. Well Russia has the oil in the ground, but their production capacity is at 100% to date. They can't get it out of the ground fast enough to make up the slack, albeit they wish they could.
Bottom line...we are addicted to foreign oil, shit comes to shove, we HAVE TO opt to the oil, lest our gov't does a complete 'turnover'...
Oil is king...and the Bush family knows it well!