WASHINGTON — While American consumers may benefit from the fall in oil prices across the world, America’s enemies are not benefitting at all.
The Washington Free Beacon wrote how America’s enemies, such as Russia, Venezuela and Iran, are heavily dependent on oil revenue from crude oil sales. But, without keeping prices high, these regimes are in a financial bind.
It all started when Kuwait and Saudi Arabia undercut the other members of the oil cartel known as OPEC. After that, everyone else in the cartel had to lower their prices to sell their oil. But, some regimes rely on higher prices more than others.
Russia is suffering from the oil price dropping and their president, Vladimir Putin, said that winter is coming. As the Free Beacon observed:
“Crude oil prices have now dropped below $70 a barrel, about $30 cheaper than during the last summer. Prices have plummeted in part due to fracking—an oil and gas extraction technique that has enabled U.S. production to surge.”
Additionally, Europe may be greatly affected by the oil price drop. But, America’s fracking revolution may help alleviate Europe’s oil thirst.