It will also be a disaster for us. We’ll start reducing shale rigs shortly, no choice, as it’s cheaper to buy overseas than it is to pull it out of the shale here.
One of our FRiends on an earlier thread, suggested a tax on imported oil to protect our shale oil producers from “predatory pricing” by the Saudis.
The tax would create a “floor” price, say $90 per barrel.
Then, if the Saudis tried to steal US market share (and bankrupt our new US producers) by pricing their oil at $75 per barrel, the “import tax” would add $15 to each “cheap” barrel.
I really like the idea of US energy independence.
Are the Saudis really our friends?
It is not a disaster when oil prices go down, except for the oil industry. Even at $80/bbl, pumping oil is profitable.