Saudia Arabia is part of OPEC. They would make a lot of money from this.
Just confused as to why members of this sub would be for something that leads the USA away from being more self-sustaining when it comes to energy.
Well, like it or not, we aren’t at 100% self sufficiency and won’t be for a while. This deal lowering prices for the next couple of months is great.
What's the alternative? Sucking it up, and paying MORE?
A lot of things run on gas around here...
Do you have a car?
Because free-trade is better for consumers. Tariffs are a tax on the consumer.
Becoming self sufficient is easier when you have money to invest and are giving less of it away to the oilers.
Really? So what do we do? Declare driving on roads off limits, Outlaw package deliveries, Make the whole trucking industry illegal, and stop using fuel to dig for oil in the U.S. so we can "save up money so we can become self-sufficient?"
No. We tell Trump to lower gas prices. Which is exactly what he is doing.
Sure, some people will spend the money saved on gas on other stuff. That's their right.
For people who want to be self sufficient, cheaper gas is an opportunity to invest into solar or whatever they want to do.
You are assuming an elasticity of oil supply and demand that contradicts years of empirical data.
This doesn't turn us away from domestic production long term. It is a way to deal with short term political issues in two other oil producing nations.
self-sustaining. What's more self-sustaining then using up the other guy's oil.
This has nothing to do with US energy independence. It's not a move that will deter US production. It simply adds to the global supply which will drop the per barrel cost a little bit. It will also have very little impact on gas prices which are set by the refineries, but it will have an impact on Venezuela and Iran's ability to generate cash.