The US economy has traditionally been a heavy importer of oil, making it unquestionably a fan of low oil prices. Meanwhile, the shale oil revolution has transformed the US oil industry, and driven net imports to almost zero. But, has that been enough to make America favor high oil prices, and to be an OPEC ally?
With the exception of Saudi Arabia, the oil production strategies of the club’s members were identical to those of non-members. The reason for the myth’s persistence was that OPEC’s members enjoyed cultivating a reputation as bulwarks against western imperialism, while western leaders welcomed a willing scapegoat for their domestic economic woesOmar Al-Ubaydli