One analyst mentioned yesterday that the giant oil cartel probably wouldn't cut production as long as Venezuela was comfortable. I could have told him that Venezuela would vote to cut production for a few reasons: oil wealth is all that's propping up its government, oil's just dropped to around $100/barrel, and Venezuela has been looking for ways to kick the US in the tender bits so it can cozy up more firmly with its spiritual mother, Russia.
Venezuela isn't our only enemy who's a member of the cartel: Iran is also a member. They've voted to cut production every time it comes up, for some of the same reasons as Venezuela. Same with many of the other cartel members. Even our nominal allies in the cartel, like Saudi Arabia, aren't above stabbing us in the back whenever they can get away with it.
They don't like us. We depend on them, thanks to foolish energy plans passed by both current and past administrations. They wouldn't be too upset--at first--to see our economy tank even further than it has.
Frank Herbert's Dune was symbolic of much of the politics in the middle east, especially the politics surrounding oil supply and Imperial dependence on the continuing stability of the supply. His main hero--as much a religious figure as a political one, both Imperial duke and messiah figure for the people--threatened to destroy supply of the critical commodity, and thereby took control of an entire empire.
Of course, that commodity, unlike oil, was a natural drug so physically addictive that it would kill whoever stopped taking it. What the bright boys in OPEC don't realize is that, while we would be crippled for at least a while, we would by no means die from it. Rather, we'd come up with something different--maybe better, maybe not--that they don't control, and we'd come back stronger. And angry.
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