Quote:
Originally Posted by SSport16
And good thing the US will finally start drilling, fracking, and pulling a boat load of oil, gas, shale oil, etc. from the ground and offshore next year, so we can finally tell OPEC and the rest of bozos where to go and not have to worry about rising prices everytime they say they are cutting production.
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We have to walk a delicate path with this.
I completely agree that more domestic production is a great thing, and so are more high-paying jobs in the domestic industry. But the wolf is at the door, and we have to beware.
Several large producers (mostly Russia/Putin) understand the enormous economic advantage that the Petrodollar represents to our economy. Petrodollar recycling has a tremendous stabilizing effect on our currency, and is much of the reason we can run a 20 Trillion-dollar national debt without the value of our money being decimated.
The Saudis are often not great friends, but the symbiotic economic relationship between us and them has been beneficial to both of us. Putin would love to drive a wedge there. I will be very curious to see if our new foreign policy tries to heal the damage done to our strategic relationship in recent years.