“Supposedly Reagan conspired with the Saudis to crash the oil price in the early/mid 80s to cripple the Soviet Union’s economy in conjunction with announcing “Star Wars” so they hadn’t a hope of keeping up. Of course it cost a huge job loss in the US but arguably it was worth it as it was the beginning of the end for the Soviets.”
Likely so with Reagan, although I would argue that the net effect was a huge job gain. Being in Texas, I know that we got clobbered by the price crash, but the national economy went through the roof with the low oil prices.
My guess is that the same will happen - we now have hundreds of billions of dollars that we don’t have to send to the Shakes and other clowns...money that stays home - it can only help us, as long as we’re a net importer.