That’s one way of looking at it. Of course, there are other ways of looking at it. For example, one other way of looking at it is that Saudi Arabia and OPEC have a much lower break even point than the US shale industry and can live with $40-$60/barrel prices far longer than we can. Saudi Arabia denies any involvement in this of course but they aren’t doing anything to reduce the supply. Another way of looking at it is that they’re trying to find out what the real break even points are for our various shale oil mining deposits. You know they’re watching closely for signs of pressure. Honestly, OPEC and Russia would love for us to turn off our spigots either by choice or as a result of induced unprofitability.
I’m not in the oil industry but have been breathing air for some time. This is the first time in my life that I can see that the US is no longer dependent on foreign oil.
This will shock communism worldwide to its knees IMHO.