If foreign supply is cut, we (assuming the US) can still do fine, even though is a sub-optimal way. The US crude is heavy, the Middle Eastern crude is light, so oil processing would need to adapt, the efficiency would go down, and prices would go up. But we'd still be up and running independenty.
replyIf foreign oil supply were cut from China or India, they'd be in a much bigger trouble.
If foreign supply is cut, the price goes up for everybody everywhere. Even net exporters. That's the whole point of this thread. Every drop of oil, gas or coal extracted (and not under sanction) will be sold to the highest bidder anywhere in the world.
replySelf sufficiency generally comes at a cost. The whole promise of globalization is that it makes things cheaper.
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