The US oil production has just reached levels in line with those of the eighties .In fact Texas alone is currently producing more oil than Iran and this beyond ecologic considerations , gives the U.S. not only a powerful economic instrument but also a highly influential political option .
From the economic point of view the lower dependence on oil imports allows the U.S. the possibility of choosing a temporary model growth based on a lower trending dollar which should add competitiveness to exports thus contributing to reduce the endemic external trade deficit and consequently contribute to a reduction of the country’s debt issuing requirements .
Investments would also be favored with a non expensive dollar .
Global oil price of course should tend to be higher with a lower dollar rate and this would add to a higher competitive position of american companies versus their competitors in Germany , Japan , South Korea…as oil price in the US will be kept down with the aid of fracking .
I can also imagine that traditional oil producers will not be very happy with this sort of development…
Brahmason
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