SA tried before via Princely Alaweedy to bankrupt US shale oil producers. He managed to bankrupt a few but what he didn’t realize is that most US shale oil producers are also farmers and ranchers. So they just shut off the oil pumps and go back to their mainstay businesses. Turn the pumps back on when the prices come back up.
When, since fracking has been done on a large scale, did SA get the price of oil to 20 a barrel?
maybe some small companies are farmers too but the mid cap ones are NOT FARMERS.
And they are VERY heavily leveraged
Yup. I remember that. I was assigned to Ft. Sill, OK and the wells were just shut off for the time being.
There are no farmers and ranchers in the oil business. Maybe the mineral owners.
Fracked oil wells slow or stop production when shut down. They have to be re-fracked to come back to productive levels. Expensive and time consuming.
that is what is happening. the tap is getting turned off