Oil is fungible. and there is supply and demand to consider.
Once we are allowed to get to the resources over here, this will have a significant impact on the global marketplace.
And yes, the US is a trading nation. Better to trade from a position of strength than a position of weakness.
You haven’t been looking at supply and demand trends. US Oil consumption is about 21 million bpd, while domestic production is only about 6 million bpd. Even if you were to signficantly ramp up domestic production, it will be very difficult to get to 21 million bpd.
The US population is expected to grow, so the 21 million bpd figure is expected to rise.
We have not considered China. Total number of registered automobiles in China is 60 million, in nine years time the figure is expected to reach 200 million.
What about India. India is likely to add an equivalent amount of automobiles in nine years time, so we could very easily be talking about a USA’s worth of new automobiles by 2020.
(I haven’t considered other fast growing nations with significant populations like Indonesia and Brazil).
I know it is fashionable for American conservatives to talk about drilling to solve all energy problems. By all means we should drill, but let’s stop pretending that given future consumption trends, that drilling will solve all our problems.
With future consumption trends, Saudi Arabia will still be a factor and $150 / $200 a barrel Oil will be with us, whether we drill or not. We need to drill, but we also need to find ways to improve energy efficiency.