Fracking is not going away. The possibility of fracking will keep the prices down a certain amount. And fracking will become cheaper, less quickly than if there is less of it being done for a time but it will continue to get cheaper all the time. The fact is the oil is in American ground and off American shore.The Saudi dominance is gone. If the Sauds induce the price to decline to $40 to retain their dominance, fracking has done much of its job. The price cannot rise again without American production ramping up again and displacing Saudi oil in the market. Eventually it will be cheap enough that the Sauds don’t have sufficient cost advantage to keep American wells out of production. And the Saudi fields are depleting.
Spot on, you win the thread.