Unfortunately, there is relatively little oil up there and the middle east knows it. It could only act as a short term measure. Estimates of oil in the area goes from 4.5b to 18b barrels, with the tree huggers giving the lower number, as far as what is recoverable, it is hard to say. Best case scenario is amounts equal to 30 years of imports from Saudi, worst is 5years. Of course, as has been suggested, we could use it, to offset any spike in oil.
What I think we need to do, is to have a serious round of talks with the Saudis, the Kuwaitis and all the other oil producing countries in that part of the world. Lay down the law, so to speak.
We have cuddled the Saudis for far too long, if the truth was known about their involvement with terrorism, I think it would anger more than a few red blooded americans.
Secondly, we must impress upon them, that the US economy is depending upon the use of cheap oil. Now, if the Saud's were using the money to help their people, perhaps I could understand, but they are simply anmassing larger fortunes.
We have to get them to understand, that any price gouging, as seems to be what is going on now, cannot be tolerated and that it may force upon the US a shift in the way we deal with them. While an oil embargo would be hard to realize, perhaps we could persuade the Iraqis to cut us a deal, although, I have fear they will soon join OPEC and toe the line. Of course, we could attempt to persuade Libya, a country starving for oil exports.
