Opinion: The United States is still too reliant on oil [CNNMoney.com]
Occidental Petroleum Corporation (OXY)
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Source: CNNMoney.com
The United States is still too reliant on oil Varsha Koduvayur is a senior research analyst at the Foundation for Defense of Democracies, where she focuses on the Gulf. The opinions expressed in this commentary are her own. Oil prices have been cratering in the wake of Saudi Arabia's decision to ramp up production and offer customers a discount for its crude. A decade ago, that would have been welcome news for the United States. But now, as the US oil industry grows — transforming the United States into one of the top exporters — the crash in prices threatens to cause as much pain as relief. This underscores an important dynamic: The United States continues to remain too reliant on oil. Saudi Arabia's decision to open its taps comes after talks with OPEC and non-OPEC producers, led by Russia, collapsed last week. Prices had already been sliding dangerously as coronavirus fears battered global demand for oil. Then Saudi Arabia escalated things when it slashed the price o
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