“10 dollar a barrel oil would destroy all our domestic production and exploration”.
Exactly. And what we do if the Saudi’s subsequently raised it to $200 a barrel?
The Saudis will wait till all the oil exploration companies in the US are in chapter 13 and have sold off all their oil equipment to either them or another country in the middle east then they will raise their prices.
“The Saudis will wait till all the oil exploration companies in the US are in chapter 13 and have sold off all their oil equipment to either them or another country in the middle east then they will raise their prices”.
But, of course. What I was hoping to provoke was a bevy of insight into how we (U.S.) would survive the ensuing economic catastrophe @ $200/bbl. Remember, multiple countries are now buying oil without petrodollars.