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Before 1973, oil already traded on the international market. This means that US firms had to pay just as much as foreign buyers. Hence, being an oil exporter did not give the US a competitive advantage, just like Sweden being an iron ore exporter does not give our steel mills any advantage.

Except, in both cases, that the industry creates know-how. But that is true after the US became an oil importer as well.

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Thu Mar 27th, 2014 at 07:11:25 AM EST
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