The USA is not the only game in town.
Until Americans realize that, we'll continue to be puzzled and behind the curve.
Europe, not the US, is China's biggest export market. Domestic Chinese market is developing rapidly too. India similar but 5 years behind.
Quote:
Originally Posted by legion
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.
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