The argument that high oil prices are good for America is one of the most ridiculous ideas being pushed right now. Yes, on a trade deficit front, it slightly reduces the net amount of money leaving. But we are also the world’s largest consumer of oil, and it literally powers every part of our economy.

Saying that America is better off with high gas prices is like saying Americans will eat more beef if the price of beef doubles because we make lots of beef. Cattle ranchers will be better off; everyone else eats more potatoes.

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anovikov 4 days ago | parent [-]

Think of it this way: less trade deficit means more imports that come through without causing extra damage. It means more cheap products of all kinds for everyone.

And yes this is exactly how petrostates work. I wonder why is it surprising. Sure their population also pays higher prices for gas at the pump when the oil goes up, but they massively win in every other way.

It's simply a long, embedded stereotype of "high oil price = bad" because of traumatic experience of 1973 and 1979. It's different today. The higher the oil price, the better it is for America.

Also again, US gas prices are by far the cheapest among every halfway developed countries. Everyone else will suffer more. So relatively again, US wins even here.

	▲	dalyons 4 days ago \| parent \| next [-]
		It causes massive inflation of goods and food prices, as farming and supply chains are heavily dependent on fuel prices. How is runaway inflation “massively winning in every other way” for regular americans?
	▲	usefulcat 4 days ago \| parent \| prev \| next [-]
		The price of oil isn't just about the "cost of gas at the pump". It's about how much it costs to transport anything. There aren't many products that don't need to be transported or that don't depend at least partially on something that does. So yeah, when the price of oil goes up, oil companies make more money, and prices go up for pretty much everyone.
	▲	_alternator_ 4 days ago \| parent \| prev \| next [-]
		The difference between the US and a petrostate is that the US is rich because we use gas, not because we make gas. Put differently, petrostate economies rely upon on oil revenues; we rely on the actual product at every stage in our economy. There is a segment of our economy that does benefit from oil revenues, but the vast majority of our economic output involves oil consumption.
	▲	rootusrootus 4 days ago \| parent \| prev [-]
		> US gas prices are by far the cheapest among every halfway developed countries Most of the retail pump price difference is self-inflicted, though. If those other countries wanted to suffer less in that regard, they know how.