> we need to resume drilling in the North Sea and Groningen

Well, there's also the simple reality that the US doesn't actually need fossil fuels from the Middle East or Russia in the same way Europe does. It affects prices here, obviously, and an increase in energy prices can do severe damage to the economy, but it's not a potentially existential crisis in the same way.

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darth_avocado 4 days ago | parent [-]

Funny part about oil is that it’s in everything. US is energy independent, but its supply chain is not. AI chips, for example, which prop up the entire economy need oil for the various materials needed to produce it.

The other funny part about oil is that it has an inelastic demand. A 20% reduction in global supply doesn’t mean a 20% increase in prices. It means increase in prices until 20% demand collapses (which could theoretically mean orders of magnitude of increase in pricing). Which means expensive fertilizers, medicines and pretty every other bare necessity.

With these two facts, pretty much every country needs the oil from the Middle East.

	▲	devilbunny 4 days ago \| parent [-]
		Oh, I know, but "we are going to freeze to death in a month" is a far stronger motivator than "the economy is going to go into a tailspin".