But for the US, there's no question like that. It produces a lot lot more than it consumes anyway. There can't be a shortage.
Yes US produces mostly light crude and production of refined products requires also inputs of heavy one, but it's not produced in the Middle East anyway, so current situation can't impact that, either.
> But for the US, there's no question like that. It produces a lot lot more than it consumes anyway. There can't be a shortage.
It's a global commodity. The reason there likely won't be a shortage in the U.S. has little to do with our production volumes, and has more to do with the fact that we're rich enough to be able to afford the higher prices when many other countries will have to forgeo using oil.
But if we weren't a rich country and we couldn't afford to pay a higher price for oil than many other nations on earth, we would produce and export oil to people that can pay more.
Ireland during the famine produced enough food to feed every person. But much of it was exported to other places, that could afford to pay a higher dollar amount to survive.
The US is also sovereign and if things would become really bad the government would just ban exports.
Ireland wasn't sovereign and it turns out, as much as other countries act brotherly (not that the UK really did), nobody really cares about you like you care.
In modern times we have a special word for what they did, but I've noticed British people are <<extremely>> touchy when it's used.
Britain was barely democratic at the time of the famine. It’s silly to blame the current generation for something their ancestors did. Even if the people you are complaining about were alive then they were unlikely to have any influence over the situation.
anovikov · · focus · HN ↗
Yes US produces mostly light crude and production of refined products requires also inputs of heavy one, but it's not produced in the Middle East anyway, so current situation can't impact that, either.
ncallaway · · focus · HN ↗
It's a global commodity. The reason there likely won't be a shortage in the U.S. has little to do with our production volumes, and has more to do with the fact that we're rich enough to be able to afford the higher prices when many other countries will have to forgeo using oil.
But if we weren't a rich country and we couldn't afford to pay a higher price for oil than many other nations on earth, we would produce and export oil to people that can pay more.
Ireland during the famine produced enough food to feed every person. But much of it was exported to other places, that could afford to pay a higher dollar amount to survive.
oblio · · focus · HN ↗
The US is also sovereign and if things would become really bad the government would just ban exports.
Ireland wasn't sovereign and it turns out, as much as other countries act brotherly (not that the UK really did), nobody really cares about you like you care.
downrightmike · · focus · HN ↗
oblio · · focus · HN ↗
tonyedgecombe · · focus · HN ↗
oblio · · focus · HN ↗
> It’s silly to blame the current generation for something their ancestors did.
As silly as it is, it's a widespread practice around the world.