It’s deja vu all over again.
With the assistance of the Saudis & the US government, the US oil industry is going in the crapper just like the 80s.
The longer I live, the more the cycle of stupidity in this country aggravates me.
http://uk.reuters.com/article/2015/05/01/saudi-oil-aramco-idUKL5N0XS0BI20150501
Saudi Arabia has approved a restructuring of Saudi Aramco that includes separating it from the oil ministry, a Saudi-owned TV station reported, in a decision analysts said aims to make the state oil giant more transparent and keep it away from political sway.
There were no indications that the restructuring, which Al Arabiya reported on Friday citing sources, will lead to fundamental changes in how the world’s top crude exporter decides its energy policy.
Aramco officials could not be immediately reached for comment but Arabiya’s reports closely reflect official thinking.
On Wednesday King Salman appointed Saudi Aramco’s chief executive Khalid al-Falih as chairman of the state firm. Falih also becomes health minister under a major reshuffle in the leading OPEC state.
Separating Aramco from the oil ministry is likely to be only the first step in a shake-up of the Saudi oil sector, analysts said.
“This decision will bring more flexibility to the company to take decisions on a commercial basis, and keep full financial control,” said Mohammad Al Sabban, a former senior adviser to Saudi Oil Minister Ali al-Naimi.
Others see the move as possibly paving the way for a member of the royal family to be appointed as the next oil minister to replace 79-year-old Naimi, while leaving Aramco to be run by technocrats.