Final answer:
The immediate costs the U.S. would face if OPEC cut oil supplies, according to liberalism, involve higher oil prices and potential shortages that could have widespread economic impacts.
Step-by-step explanation:
Given the liberal perspective on economics, the immediate costs the United States would pay without changing its policy if the Organization of Petroleum Exporting Countries (OPEC) were to cut oil supplies could refer to the economic effects of reduced oil availability, resulting in higher prices and potential shortages. According to historical context, during supply disruptions in the 1970s, the U.S. experienced a shift in the supply curve to the left and a sharp rise in oil prices which had widespread effects on the economy, despite the nation still producing a substantial portion of its own oil. Moreover, as of recent times, while U.S. domestic oil production is increasing with the advent of fracking and shale oil, the country still imports a significant percentage of its petroleum, rendering it vulnerable to international supply changes.