Re:Who Owns the Nile?
by dukeyukey on Saturday April 03, 2021 @07:54AM
(#26680299)
Not necessarily.
From 1975 to 2015 the US had a law banning most crude oil exports from the US (aside from Canada and partially Mexico), effectively creating a separate North America-only oil market. It wouldn't take much for the US to reinstate this ban, meaning oil produced in the US stays in the US. And since the US is a net oil exporter, that means North American oil prices will stay low and stable.
From 1975 to 2015 the US had a law banning most crude oil exports from the US (aside from Canada and partially Mexico), effectively creating a separate North America-only oil market. It wouldn't take much for the US to reinstate this ban, meaning oil produced in the US stays in the US. And since the US is a net oil exporter, that means North American oil prices will stay low and stable.