Quote:
Originally Posted by Porsche-O-Phile
As such, suppliers are likely to turn to other countries, meaning (effectively) less supply coming to the U.S. and continued upward pressure on prices.
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What do "other countries" need oil for?
Yes, on the surface it is a naive question, but bear with me...
Much of the demand for oil from non-US countries (China, India, for example) is for the production and shipping of goods bound for the U.S.. If the U.S. can't afford those goods because of the high price of oil domestically, the demand for those goods falls. In turn, the demand for oil from those countries also falls.