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clock Created with Sketch. 02/12/14
11:23
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Originally posted by Kangarumees
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I know this is a bit of a "left field" thoughtpiece and probably extremely naive (so go easy on me lads) but don't you think that in times when we have to live with the imposition by the United Nations (as well as countries acting autonomously) of sanctions against various states, organisations, companies and individuals who are deemed to be misbehaving, that the Saudis can just blatantly abuse their market power over the international oil market and just get away with it, without any real adverse consequences? I know it wouldn't exactly be consistent with capitalist free market economic philosophy and would be quite controversial but nevertheless it would theoretically be possible for the US government to introduce protectionist legislation prohibiting US purchasers of oil from buying oil that was not produced from US wells, would it not?
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The US is confused and conflicted. They are pressuring the Saudis to keep oil prices low to try and bankrupt Russia and Iran. They are destroying their own oil industry in the process. I don't think there is any easy solution.
