OPEC successful
- Thread starter tom
- Start date
yes. The embargo ended up hurting them more than us. The US threw lots of money into improvement of energy efficiency, smaller cars, etc., and they also started looking for oil from other areas. The Middle East is a convenient place to get oil, as there are pipelines, ports, and everything all set up for it, but if it was forced on us, we could go elsewhere....
David Howery said:
With higher oil prices, which wouldn't be GOOD for the US, or the West generally, but which would ultimately be survivable. I'd certainly expect teh Gulf states to suffer far more from the loss of oil revenue.
I've always though that any embargo against the US would hurt the nation or nations that instituted the embargo.
Brilliantlight
Banned
The US would have converted coal into oil. This was done as early as WWI Germany.
There seems to be some confusion here, of course the US would have developed alternate sources of oil. but extraction/producion costs would have been higher, oil prices would rise and that's how an OPEC embargo would hurt the US, not by physically elimanating the oil supply.
It's largely moot anyway as teh Saudis and other Gulf States would be much less able to survive the embargo than the West. The present tendency in teh US to see the oil trade as a purely Western interst is nonsense, the major exporting states are ar least as dependant on it.
If teh Saudis really wanted to hurt the US they'd do it by pulling out the $2 trillion they have invested there, setting of a stock market crash as severe as that of 1929.
It's largely moot anyway as teh Saudis and other Gulf States would be much less able to survive the embargo than the West. The present tendency in teh US to see the oil trade as a purely Western interst is nonsense, the major exporting states are ar least as dependant on it.
If teh Saudis really wanted to hurt the US they'd do it by pulling out the $2 trillion they have invested there, setting of a stock market crash as severe as that of 1929.
Brilliantlight
Banned
Matthew Craw said:
If they want to commit economic suicide and Congress doesn't pass laws that slow down the selling of US stock by foreign governments.