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this post was submitted on 21 Sep 2024
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~~Hope they're cool having an awful lot less money then, the US is one of the main powers propping up the oil industry out there. We stop buying and the market collapses. It's not like Russia is going to step in to buy the surplus, and I doubt China would want to even if they probably can afford it.~~
Edit: Wow, I am completely wrong as evidenced by people below, I admit I did not look this up before speaking about it. That's my mistake.
The US is a net exporter of oil. Has been for years.
Wow, okay, fair enough. Edited the prior comment to reflect this. Thanks for teaching me something I should have looked up first.
All they have to do is sit and wait. The Middle East still produce around 50% of the world's oil. If those countries have proven anything, it's that they're smart and resilient. Someone somewhere is going to want what they have and they could sell it for whatever cost they see fit. All they would have to do is keep their heads down and wait
Oh they'll keep producing just fine. But when demand suddenly drops to half or less of what it was, they're going to run into trouble, and fast. America imports an absolutely ludicrous amount of oil for many purposes. If the country collapses, that supply/demand chain dries up.
Realistically, all the American Mega-Barons that are doing all this oil business will just set up shop in another country. Africa, maybe - plenty of open space and not much regulation out there. But that will take time and investment, time that existing oil supply barons may not have.
They'd probably survive, but I have a hard time seeing all of the Middle East just quietly watching America burn down when we account for probably a solid half of their budget sheets in their most profitable sector.
America is now a net exporter and made more domestic fossil fuels last year than anytime in history.