Which is why producing more and more in a situation in which there is already an oversupply is bad economic math...
I heard the same $80 break even cost from an oil industry expert at a conference last month. The decline in WTI price has him concerned.
That is going to wreck USA independent drillers.
Plus, give a severe beating to the stock prices of big USA oil firms.
Forty years ago we got our first OPEC oil shock.
America has probably invested a trillion dollars in alternate energy since then.
The result?
We have completely destroyed our coal industry.
We are trying to destroy our nuclear industry.
We still have no viable energy solution for our transportation industry.
We have fought 3 wars against the Muslims.
Israel still lives under constant threat.
And “renewables” make up maybe 5% of our energy equation.
That is so insane.