LOL. Nope, the oil and gas guys I know in Dallas and Houston have factored a price drop into their business models. Here’s the take-away: US oil and gas from fracking is more economical than ME oil and gas on a production cost basis. To be blunt, it is not even close.
The US players are looking to break the ME’s oil producers’ spines and have planned accordingly. They have squirreled away large fortunes AND diversified their holdings into tech, hence the (largely unnoticed if you are not here) massive tech boom going on in Dallas right now.
Get out the popcorn!!!
I sure hope you are right.
Logic tells me that the Saudis can produce oil much more cheaply than fracking technology. They also produce light sweet crude which, as I understand, is the most desirable ill to refine.
We need to build more refineries.
This post makes me happy.