There are many possible consequences to the U.S. killing of Iranian Revolutionary Guard Maj. Gen. Qassem Soleimani. But there is at least one area where the United States is less vulnerable to Iran than it was before: the oil and gas industry. The U.S. is exporting more oil than ever, which means OPEC – the worldwide collective of 14 oil-exporting countries that doesn’t include the United States – has less power over the U.S. economy.
Matt Smith, director of commodity research at ClipperData, says he expects retaliation from Iran but that it likely wouldn’t be against oil producers in the Permian Basin. Instead, he says Iran could target American outposts in the Middle East.
“This could come in the form of attacks on U.S. military bases or energy infrastructure in the region,” Smith says.
What you’ll hear in this segment:
– How retaliation from Iran could affect the international oil market
– How sustained conflict between the U.S. and Iran could affect gas prices for consumers
– Why the conflict could, in some ways, help the Texas economy
Written by Morgan Kuehler.
