Agreed.
The guy may be right, but not for the reason’s he’s stating: $60/BBL oil means the end of most petro-regimes. They can’t balance the budget on oil less than $70 (Kuwait). Russia needs $100. Iran needs $130.
On that basis, if you were them, and you believed the US and Canada were dumping cheap oil on the market just to choke them out, what might you do?
Even France can frack. They have the geology to support it, and frankly its cleaner than the nuclear investment they made in the 70’s, which paid off huge I might add. They supplied cheap power to Europe for decades. There are a lot of places on Earth that could frack enough to take care of their needs, and then some.
Russia needs $100. Iran needs $130.
On that basis, if you were them, and you believed the US and Canada were dumping cheap oil on the market just to choke them out, what might you do?