What happens if oil hits $200 a barrel? Alberta or Texas will be fine. But economies that don't produce oil are screwed. Especially those that depend on cars.

Canaii@lemmy.zip · edit-2 3 days ago

What happens if oil hits $200 a barrel? Alberta or Texas will be fine. But economies that don't produce oil are screwed. Especially those that depend on cars.

RememberTheApollo_ · 3 days ago

That’s not how it works unless oil production gets nationalized. Oil produced locally is sold on the global market, literally the very reason it could hit the hypothetical $200 a barrel. The oil production would have to be nationalized in order to restrict the supply to the local market, then you’d pay prices based on whatever the local market would pay.

What happens if oil hits $200 a barrel? Alberta or Texas will be fine. But economies that don't produce oil are screwed. Especially those that depend on cars.

What happens if oil hits $200 a barrel? Alberta or Texas will be fine. But economies that don't produce oil are screwed. Especially those that depend on cars.

‘We Would Be Entering a Completely Different World’