53 comments on Oil Quiz - Test Your Knowledge
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There are even more implications than that.
The Cold War ended, because the Soviet Union ran out of cash. The NATO countries were able to outspend the Warsaw Pact countries in terms of military spending.
However, Russia has now become the largest oil producer in the world. As the price of FF rises due to PO, Russia will (temporarily) become extremely rich, i.e., Russia won't have problems any longer to keep up with the U.S. or even beat the U.S. in terms of military spending.
Consequently, Russia is very likely going to get back its "superpower" status sooner rather than later, and this time around, they'll be able to outspend the U.S.
To expand on your excellent observation, Saudia Arabia increased production of oil, driving down prices of oil to below Russian oil extraction costs. Thus Saudia Arabia, not just Reagan, caused the collapse of the Soviet Empire.