[Oatka]

The Saudis were betting that by keeping prices low they could protect their market share and kill America’s energy renaissance

Trying to play games with a nation of innovative people is risky.

[thackney]

Not everyone agrees this was their goal.

I see them facing reality. At $100 per barrel, current technology conditions meant significant growing production from other sources, including other energy sources. There wasn’t any real expectation for their income to continue unchanged.

If they reduce production to keep prices ~$100, they would have to continue making those cuts while other gained.

It has been a rough ride down for most that ride this rollercoaster. But the expectation it wouldn’t change was naive. Only a matter of when and how far. Both the speed and the depth of the drop surprised me.