US to OPEC: Don’t Drill, Baby, Don’t Drill

Economic and political concerns influence US responses to a potential slowdown in oil output from the Organization of Petroleum Exporting Countries. The Trump campaign advocates for more drilling and fewer regulations to increase jobs in America’s oil-producing heartland. Not everyone would benefit: “what’s good for the goose in the oil patch and parts of many red states, may not be good for the gander that is the rest of the country,” Keith Johnson notes for Foreign Policy, explaining the US shift in stance. “Since the OPEC oil embargo and gas lines of the early 1970s, the United States has tried to convince Saudi Arabia, Venezuela, Russia, and other big producers to keep the taps open so that oil remains abundant and affordable.” Iran, not interested in helping rival Saudi Arabia, also prefers increased production. Confronting over-supply and low prices, Saudi Arabia and other oil states struggle to balance budgets. Conflict among OPEC countries, stemming from religious and political differences, reflects “the very same shoals of self-interest that have sunk untold OPEC agreements.” The world must wait for OPEC’s November meeting to see if the promise comes to fruition. – YaleGlobal