this post was submitted on 18 Aug 2024
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This is the only part I'd take issue with. Profits will be good for the oil companies but so many products will be affected by the price increase that this would be terrible for consumers. We're already seeing that in food prices as transportation costs (oil) are affecting them.
Which will eventually make its way into the US economy, assuming that the shareholders are mostly American, which they probably are. Of course, there's a terrible problem with wealth inequality, and a lot of people who will benefit from high oil prices are the wealthy, but even the wealthy tend to eventually spend their money, even if it's on something dumb like a penis-shaped rocket.
If it were only US prices going up, I'd agree that it was a net negative for the average American. In that case you'd just have money shifting from the average person to the oil company shareholders. But, in this case, it's different. In this case, prices worldwide would go up, and people around the world would be paying more for fuel. That means money from around the world would flow to the US because of the big American share of the oil industry. In a fair world, the ultra-rich would pay a 90% tax rate and that money would immediately flow into the government coffers then be spent on things that benefited ordinary Americans. But, even with all the various tax dodges and so-on, it's probably still a net positive for the US as things stand.