dropping the price of oil is a good thing in so many ways.
1. America is a consumer, so our standard of living will be better
2. Enemies like Russia, Venezuela and Iran that are dependent upon oil income will be forced to draw back
3. Unprofitable renewable schemes will be pressured to be dropped.
Sure, there will be short-time drawbacks on rigs drilling in this country which will impact the oil industry.
However, I have been in the industry long enough to have seen this cycle a number of times. Prices will return. In the meantime, innovation in the industry will continue and it will figure out how to make money at lower prices.
It always does and these down cycles spur some of the best innovation and ideas as it becomes a necessity.
I expect you’re right but the bright vista of energy independence in three years has me hoping that oil prices will not go below 80@ barrel in the next three years.