[SeaHawkFan]

If you did, you will likely lose your entire investment.

The cost of production in the Middle East is very low.

[catfish1957]

I have been in the oil industry 35 years, and have seen oil as low as 10/bbl. Could it happen again? Maybe, but I think the absolute floor this time is somewhere between 35-50.

As I stated on another thread, we are getting ready to see a high stakes game of chicken between the US and OPEC/Russia. You correctly noted that Saudi, along with other OPEC members have the advantage of low production costs, but Saudi as an example relies on production for 45% of their GDP. Russia about 15%, and the US??? A whopping 0.9%.

As long as we see some slight incremental subsidization of the dip here, we can bring Russia and the middle east down to it's knees. Russia is already hurting from sanctions, while the Saudi's will choke without the money to maintain their exorbitant standard of living.

It's not going to be fun in the industry for the next few years, but from a long term perspective, we may be seeing the end of the era of being held hostage to foreign oil (permanently).