Drag: "can't wait to see prices once we start getting that cheap Iraqi oil."
I don't think we will ever see the Iraqi oil. Iraqi oil was discovered back in the '20s or '30s, yet was never pumped for one simple reason, too cheap. The oil companies basically decided not to touch it for the obvious reason of not to lower the price of oil. The law of supply and demand, lower the supply to maintain the price, which is exactly what the OPEC voted to do this week.
Same reason why we use imported oil instead of American oil, theirs is much cheaper. There is absolutely nothing bad about using imported oil. We buy the cheaper oil with the money we print, they buy our weapons, goods and services with the money we gave them, in the end, we got their oil, we got the money back, we got jobs and profit, they are running out of money, jobs and oil. Despite all the money they made on oil, they are actually running out of money. We got their money and we are sitting on trillions of barrels of oil, just in case we really run out oil one day, which I doubt, guess who is the only one left with oil? The Good Old USA.
Anyone complaining about imported oil should retake Econ 101.
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