The question is how much is burned when and why. I can’t really see anyone anywhere being interested in consuming more oil.
If consumption stays the same, he’ll basically just be dumping the price.
Reducing oil prices reduces the financial incentives for using bicycles, taking public transit, living in a city and using renewable energy sources. Drilling itself also has environmental impacts.
The oil will be drilled now or later anyway.
The question is how much is burned when and why. I can’t really see anyone anywhere being interested in consuming more oil. If consumption stays the same, he’ll basically just be dumping the price.
Reducing oil prices reduces the financial incentives for using bicycles, taking public transit, living in a city and using renewable energy sources. Drilling itself also has environmental impacts.