Mine was a typo. 1980s should have read 1990s.
By the time 2003 rolled around, the price was ascending and didn’t remain at 30 for very long.
The point is the Saudis are fully capable of dropping $30, $25, $20 oil into Houston. And they can do it for a decade no sweat.
Now maybe some are beginning to see why we need a floor at $35 to allow for our domestic producers to go up against the Saudis and survive.
I firmly believe the narrative of this article is approved by those in the Saudi camp to make everyone think it’s all about Iran and Russia. Garbage!
Saudis don’t want the world to think they are trying to demolish new production made possible by fracking. And I will bet that a lot of environmentalists are funded by groups that are taking it under the table from the Saudis because I know how those people are. And environmentalists are all out to stop fracking by any means possible. For example, Cuomo in New York.
Then you were still incorrect. The price of oil (WIT @ Cushing) was $30 or below for 70% of 2000 through 2003.
The point is the Saudis are fully capable of dropping $30, $25, $20 oil into Houston. And they can do it for a decade no sweat.
We disagree, as do every report I've found. Do have anything to support a $20 for decade claim?
Now maybe some are beginning to see why we need a floor at $35 to allow for our domestic producers to go up against the Saudis and survive.
Nope. Made up claims do not support a bad idea.