I see $70 as a fair price for a growing economy. Most of the world is not growing (China’s numbers are always BS). But perhaps the US will start growing, I don’t know.
I am no oil man, but I would be hesitant to grow operations in marginal oil producers. Once bitten twice shy. Why invest if oil might tank sub $30? Why bother even restarting rigs?
Yeah, I’m no oil man either, but I do live in Texas, and I don’t see how an E&P investment is a smart play right now when so much oil has been discovered, pumped, and is sitting in tankers and the price is $30. They will still want to do exploration - and the massive fields off the Gulf Coast may now be fair game. And yeah, if the US economy gets going again, we get the libs complaining how we drive too much, then we’ll start consuming mass quantities again.