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by baybal2
1937 days ago
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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. |
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Now that we have shale, it seems like this policy is less worth it.