I think that the Saudis are trying to make the drillers here in the US consolidate to shore up debts.
What seems to be different is that they have options way above the current price that will last over a year.
The Shale business and the upcoming Keystone has called every bluff they have.
Peak Oil IS A MYTH and OPEC reaps the hit.
Peak Oil IS A MYTH and OPEC reaps the hit.
True!
Keystone and Shale are two levers we have over Saudi’s and OPEC.
Yes, Saudi can pump at extremely low prices, but we need to keep them honest.
If the Saudi’s run dry, we still have Alberta, Alaska, Coal, Coal in Utah, Shale formations everywhere