The US produces a lot of oil and has access to oil from Latin America and Canada. How much influence does that access give the US?
Host
Javier Blas
The Americas from Alaska to Patagonia produce about 40% of the world's oil today.
Javier Blas
This production means there is a surplus of oil in the market, and prices are going to stay lower than in recent years.
Javier Blas
The oil buffer allows the market to continue even if there's a shock, such as US action against Russia or Iran.
Javier Blas
The Pentagon is now unrestrained in military actions because past constraints from oil price impacts no longer apply.