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Harmy

Yes they have - but they still import 30% of their energy needs and the cost of energy will continue to go up
Not energy just oil thats the biggest import, sure a lot ng comes from Canada but they got big reserves of ng in the US.
Something to consider the recent & projected massive(whale) oil field finds in the Caspian sea & to a lesser extent Russia, these finds will take some of the pressure of the US as far as opec pricing is concerned.
Also it is one thing to say the US is dependant on the Arab nations for oil but that has two sides countries like Saudi Arabia,s budget is something like 80% reliant on oil income, so big drops in the price really hurt them.This is the main reason why Opec targets what it considers reasonable prices for oil because they don't want to lose market share & thus income, it's a balancing act.

The other thing that needs consideration when looking at this subject is the USD which has been strong for years.All oil contracts worldwide are in US dollars which has distorted the oil price in the US's favour. Thats the other thing to note the strengh or other wise of the USD & how the oil & gold price responds to the USD movements.

As far as the credit question well I'm miles away from you In agreeing the USA has had strong debt growth since 1987 & that has increased yearly as this Gov link shows.
http://www.publicdebt.treas.gov/opd/opdpenny.htm
It, to me, seems crazy to suggest that any rate increase delivered now is not going to effect the market until six months. For if that was a given prices would increase as soon as the reduced rate is disclosed.

JR


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