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by Monroe13 1937 days ago
Worth noting that earlier this year US imports of Saudi Oil hit zero. Granted it was just for one week but certainly reflective of the broader trend.

Source: https://www.bloomberg.com/news/articles/2021-01-06/saudi-oil...

1 comments

US was never really dependent on Saudi oil, and US governments knew it.

Even before the shale oil, US had no problem to expand its oil production to match its own consumption.

What prevented US oil industry to just work was a very strange regulatory framework where it was both shielded from competition, and prevented from expanding, keeping it in subservient role as a supplier to US strategic petroleum reserve.

For all intents, and purposes the US legislation only benefitted Saudi interests after 1975.

US policy in the Middle East is not necessarily about the fact that we get our imports directly from there, but to keep price stability for the global price of oil, which is still something we pay even if we don’t pay SA and friends directly.

Now that we have shale, it seems like this policy is less worth it.