Good. Let the Saudis keep pissing into the wind.
To try and bankrupt Russia...again!
Do not count the U.S. petroleum industry out. We may be wobbly right now but we have been thru this before and as before we will come out stronger and stronger as majors and large independents buy the weaker independents out. Those that have borrowed way too much money will be sold at auction or privately thru creditors and Americas main concern should be that no foreigners(Saudi, Russian or Chinese) ponies up to the bar and does the purchasing.
The ‘oilfield trash’ that keeps you car running down the road, that fuels the airline industry, that keeps the lights and heats on in your house, that provides material for your plastics, and on and on is one of the industries left in America that still has the “git-er-done” attitude.
Control of your computer is being returned to you now.
In the past 5 years:
US production grew by 75% (4.1 mmbpd)
Russia Production grew by 13% (1.2 mmbpd)
Saudi Arabia Production grew by 5% (0.5 mmbpd)
In the past 3 years:
US production grew by 51% (3.2 mmbpd)
Russia Production grew by 2% (0.2 mmbpd)
Saudi Arabia Production grew by 3% (0.3 mmbpd)
Continuing with the poker analogy, both Saudi Arabia and Russia are professional poker players. All their income comes from poker. They have to play. The United States, with a diversified economy, is not. We can buy in with more money, we can sit out hands until the game is in our favor. Individual Americans and companies can be hurt or bankrupted, but America itself is playing with pocket change, not the rent money.