this post was submitted on 11 Sep 2023
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Nobody is suggesting that the US suddenly and instantly stop extracting, but that it be phased out in conjunction with getting rid of the need for oil in the first place.
The Saudi royal family has an alternative at this point, which is to live off their sovereign wealth fund, which owns stocks and bonds outside the country. They are also sitting on several million barrels/day in reserve extraction capacity, and could pretty easily crash oil prices if they felt like it.