I remember when the major casualties of the OPEC oil cartel were Japan, the US, and Europe. I remember the oil shock, aka the oil crisis of 1973. I’m still stuck in a world in which higher oil prices are not in the short-term interests of the average US consumer, although given the effects on global warming and the need to transition away from carbon fuels, I understand that the longer-term picture is much more complicated.
Still, it creates mental whiplash when I read that the head of the US Government, some guy by the name of Donald Trump, just brokered a deal with the Saudis and the Russians, two of his favorite autocrats, to lower oil production by almost 10% in order to raise oil prices. Of course this also helps out his over-leveraged buddies in the US fracking business. It isn’t, I’m quite sure, motivated by concern for the environment.
The next election can’t come too soon.