Brendan Greeley

We can live with a lower price of oil.

We're going to drive the price of oil down.

Now, we're not going to see this until after the Strait is opened back up, but it seems like the UAE is poised to make oil a lot cheaper than it would have been if they'd stayed in, and they can sustain that.

Kind of.

America has a much bigger and more diverse economy than either the UAE or the Saudis.

So the entire American economy does not rely on the price of oil in the same way that it's true for the Gulf economies.

So, you know, when there were price wars 10, 15 years ago, it was clear that American oil producers, though they like more expensive oil, can sort of deal with oil going down into the 40s per barrel.

And so America as an economy, as an entire economy, does not rely on expensive oil in the way cartel members do.

What we do rely on, however, politically, it's very important in America to have cheap gas at the pump.

So the real constraint here is actually not American oil majors.

It's American voters.

This is so hard to explain to a European audience because your sort of per gallon price is much higher than ours.

But we throw a tantrum when the price of gas goes up at the pump.

We cannot handle it.

Presidents lose election when the price of gas goes up at the pump.

So this is a real constraint on America.

We have to keep the price of oil down for our cars.

Yes.

I think when we look at the three-legged stool that sustains the dollar, one of them is, unlike the Eurozone, we have federal deposit insurance.

So there's a vast pool of safe federally insured dollars in a way that there is not a vast pool of safe EU-insured deposits in European banks.