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The reason it's a bad thing is that America has been a huge player lately. If we imported all of our oil then almost no one would have their toes stepped on but because domestic production has become such a big deal the network that was involved in oil production became pretty large and intertwined with the rest of the economy and it has/had a lot of relatively high paying jobs. Not only do you need to poke holes in the ground but you have to make large quantities of drill pipe, frack sand, pumps, pipelines, railroad cars, new and rebuilt railroad infrastructure and really any other industrial equipment. All of that takes tons of raw materials as well as workers and engineers in some of the more undesirable parts of the country. It's almost like the end of a war.
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