“Our Friends” the Saudi’s are pumping oil at the same rate. They have decided they can drive the price of oil down and with a little help from the Greens, put fracking out of business.
That may be true but oil sands extraction is completely different from fracking ... much more expensive.
I think one article said the Saudis did the same thing some decades ago, driving up their output to drive prices down, and it took 30 years for our oil industry to recover from the hit. Our companies are not going to be willing to invest in domestic production even if prices rebound later when they live under the fear that the Saudis will simply do the same thing again and drive them out of business again. They’ll invest in something safer. We’re in full-tilt economic warfare with the Sauds. Chew some popcorn and await the outcome.