I remember driving across Texas and Oklahoma years ago thinking about the wells that were pumping and those that were not. Then it hit me: that one is a $30 dollar well and that one is a $40 well.
That being said, I can see Obama cutting a deal with Saudi to increase OPEC production/lower oil prices in order to 1) make US shale production unprofitable, and 2) increase business activity due to cheaper fuels.
As much as I hate to admit it, I thnk $30/barrel is too low. I think the $50-65/barrel is right and will allow for needed reinvestment and good profit.