Comment Re:Cash for Clunkers, Chapter 2! (Score 1) 262
While we're still a net importer of oil, it's not by much. I think the US and Canada taken together are self-sufficient for oil.
Yes, but, guess what - oil, particularly, is a (mostly) fungible, globally traded commodity. If a vast amount of US demand goes away, the oil price will go down. In response, highest-cost producers will shut down, and all the other producers will get less money. From my understanding of the oil market, the highest-cost producers are the North American shale oil producers and fracking operations, which are politically contentious and have very high process emissions, so if they go away that's a win for the world. The low-cost producers in the Middle East will have a lot less money, a lot less ability to manipulate the global economy, and in consequence a lot less geopolitical influence.
Sounds good to me.