• ArbitraryValue
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    3 months ago

    It doesn’t have to be an outright ban. You could have tariffs on imported oil, subsidies for domestic oil production, or loosened regulations that make domestic production less expensive. Reducing oil use is important, but so is reducing reliance on foreign oil. While the former also helps accomplish the latter, increased domestic oil production could still be beneficial.

    (I generally think that international trade is a net benefit, but there’s a lot to be said for avoiding dependence on not-so-friendly foreign governments for the supply of economic essentials.)