The only reason the dollar is stable is because the dollar was chosen as the standard for OPEC.
That’s why Bush was cozy with Saudi.
That’s why Obama was cozy with Saudi.
That’s why Trump was cozy with Saudi.
That’s why Biden will be cozy with Saudi.
Other countries have to compete by exporting enough oil to keep their economies stable but the USA does not have to, so long as we are tied to OPEC.
It’s a weird set up but the USA benefits and Saudi benefits. Everybody else has to scramble a little if they’re a part of the group.
If we leave it and OPEC goes with Yen or something, our dollar value will fluctuate far more wildly UNLESS we have a stable way to output energy by whatever means.
So, fracking remains on the table for now with an eventual expiration date. But offshore drilling is more costly than beneficial so that will probably stay off.
The transition to other energies is necessary because the timeline of running out of non-renewables is running short in nation times.
Shell admitted last week that oil production is only going to decrease every year from this point onwards. The heyday is over.
In 50 years, we’ll be at 1/3 of the rate of output we are now. That’s why the getting alt systems online is critical now while we can still depend on oil/etc. Gives us time to get the bugs out of the alt methods.
I mean, it’s possible we’ll all to to hell in a handbasket in two weeks thanks to President Biden for some reason and all that 50 year long planning will be for nothing.
But it’s more than likely we’ll weather whatever today’s drama might be and whatever next month’s drama will be, and live will go on.