None are more dependent on high oil prices than our domestic fracking producers. Their cost/bbl is much higher than SA and RU. If this price war endures, the marginal US producers will be bankrupted under a mountain of debt, ready to come crashing down.
” ... marginal US producers will be bankrupted under a mountain of debt, ready to come crashing down.”
Marginal (high-cost) producers are always endangered by unexpectedly low world prices. That’s the risk they take. For the US economy as a whole, low oil prices are now roughly a wash, with the losses to domestic producers offset by gains to consumers