Something to think about is that, with Iraq in the US corner, any disruption of oil flow from the Saudi Entity is likely to impact Europe far more than the US. This is mitigated by the fact that oil is fungible so disruption anywhere raises the prices everywhere. However, it's not even clear how much that would be a problem since Iraq will likely be producing at an increased rate anyway. In fact, one might wonder if a disruption of the Saudi Entity isn't part of the plan. It would hurt an enemy nation while allowing Iraq (a now friendly nation) to pump out at a maximum rate without a drop in price. Otherwise there's a strong potential for an oil glut. Overall, despite the allure of low oil prices, I believe that overall we benefit most by moderate and steady oil prices.