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As I stated earlier on this thread it is a Temporary boon to the consumer. However, it is a DISASTER for US Petroleum companies.
It will Bankrupt many of the mid-sized companies that are responsible for our recent energy independence.
The Fracking boom of the last several years was driven by those companies. They were the driving force behind our energy resurgence. Not the Big Companies who move slowly, at a Glacial Pace with their Fingers in the Air.

Yes. Bad news for USA shale companies.

Really bad news also for the Alberta oil sands. They face artificial low prices anyway because of lack of pipelines.

As I stated earlier on this thread it is a Temporary boon to the consumer. However, it is a DISASTER for US Petroleum companies.
It will Bankrupt many of the mid-sized companies that are responsible for our recent energy independence. The Fracking boom of the last several years was driven by those companies. They were the driving force behind our energy resurgence. Not the Big Companies who move slowly, at a Glacial Pace with their Fingers in the Air.

Eh, basically the same thing that happened when the Saudis tried to bankrupt US Oil. All the small companies that took advantage of new tech and high prices were over-leveraged. So the crash comes, they all get bought up by the big companies that have the reserves to weather a longer downturn. Then, when oil prices hit the up cycle, the little companies start popping back up and everyone's happy again.

The differences this time are 1) that the price war is Russia/OPEC, not aimed at these US at all; and 2) with the Great Wuhan Virus Panic Scare, everywhere else is shut down or stopped. So there's no work to be found to cover the workers during the oil downturn time, and the economy as a whole is in the crapper. So it just compounds on the current low-price bust and extends it.