Oil is the most important commodity in the world when it comes to human flourishing, and nothing else comes close. Stop and think about how intensely inconvenient and impoverished life would be without the goods and services made possible by oil, along with the remarkable advances in work productivity that never would have happened absent black gold.
Imagine, then, if oil were discovered on such a vast scale that its price plummeted to $5/barrel. Would this devastate the global economy, or the U.S. economy since parts of it are reliant on oil that fetches more than $60/barrel? Quite the opposite. Exactly because oil is such a substantial catalyst for human progress, much cheaper crude would power economic growth in the future that would render the present impoverished by comparison.
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