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Re: USA to overtake Saudi in oil production

http://news.yahoo.com/u-overtake-saudi-top-oil-producer-iea-132331660.html

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Re: USA to overtake Saudi in oil production

bogus

OPEC will just open the taps and drive the price down until US production diminishes

unless...we get into OPEC X)

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Re: USA to overtake Saudi in oil production

> The Yell wrote:

> bogus

OPEC will just open the taps and drive the price down until US production diminishes





And the US would then be able to respond with equivalent import tariffs, as per WTO regulations.  Even if the US outproduces Saudi Arabia, the vast majority of its production would be for domestic consumption, so that works.  Meanwhile, the Middle Eastern nations that depend on oil for... oh, 90% of their budgets... would be sort of screwed.

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Re: USA to overtake Saudi in oil production

Actually, I should add to this:

Since, with events as they've unfolded, technology wouldn't be an impediment to businesses entering the oil market, you would have a scenario where oil companies could more freely enter and leave the oil industry.  So in order to drive down prices to kill US production, the foreign oil nations would need to near-perpetually keep oil prices tanked.  The result?  Mission friggin accomplished!

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Re: USA to overtake Saudi in oil production

One problem Zarf

Trained manpower

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6 Reply by The Great Eye (edited by I Like Trains kid 16-Nov-2012 18:54:05)

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Re: USA to overtake Saudi in oil production

How much Middle Eastern production is done by US and European foreign workers?  Remember, we're talking about an industry where nations have created entire cities so foreign workers could live without interfering with local cultural traditions.

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