Well I honestly believe that that is still a far way off. But if it were to happen some middle eastern nations andd other around the world would have lost the second best customer – unless you count older customers as better. They’ll turn more to China who is the number one consumer. There is no shortage of customers for the oil industry yet, while admittedly we are a big buyer, I think they would be fine. They might even rejoice at the prospect of not being bothered by America’s oil-based foreign policy.
Saudi Arabia only depends on the US market for about 15% of its exports; Kuwait’s reliance on the US is just 12%. China is not the #1 importer – the US is – but China imports more from the Middle East than the US does, and the same is true of Japan, South Korea, India, and Germany, the next largest consumers.
It is essentially impossible for the US to become oil independent at current consumption levels. We import 60% + of our oil and there does not exist enough oil in the US to replace those imports. Canada is our largest import source.
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