Thackney, I’ve given all that thought, and I’m comfortable with my decision.
Over production does not a case make. Everyone jumped in to produce more and the marketplace reacted. This is normal.
Less production will result. Prices will rebound.
In short order it will make sense to ramp up production again, and this time folks will go slower and more methodically.
Yeah, we never had an oil price crash before. This was completely new to this industry...
Please understand, this is more an issue due to different types of oil and the location.
Much of the Gulf Coast refineries have been upgraded to to make use of heavy sour crude. And the new shale production is light sweet. We have already taken our Gulf Coast area light sweet imports down to zero. It is not as simple as total oil numbers.