[RegulatorCountry]

This is exactly what the Saudis intended, to shut down resurgent US production. We’ll have cheap oil again in the interim, but it won’t always be cheap, and we’re headed back to square one as far as being independent.

[03A3]

Really. We’re in a far better position than the Saudi’s. Won’t take much for the upstream side to kick in again, but spending down on the piggybank can be disastrous for the Saudi’s.

[Lorianne]

Iraq sold oil at $22 / barrel on Thursday. Ditto Venezuella.

[dfwgator]

This is exactly what the Saudis intended, to shut down resurgent US production. We’ll have cheap oil again in the interim, but it won’t always be cheap, and we’re headed back to square one as far as being independent.

Yep, and that's why as I much as I hate to say it, there does need to be some government control over energy production, as a matter of national security. How much blood and treasure has been lost for the sake of ensuring the flow of Saudi oil?

[Lorianne]

Not entirely. There have been many people saying for a while that shale oil for example is a Ponzi scheme that could only work if the price of oil continually rises.

Here is just one of them but there have been scads of such predictions the last 5-7 years. Looks like they were right.

Why Shale Oil Is a Ponzi Scheme
http://www.thestreet.com/story/13080666/1/dan-dicker-on-why-shale-oil-is-a-ponzi-scheme.html

[Sacajaweau]

Think Standard Oil...

[aquila48]

Note to self - buy beaten down oil company stocks - price of oil is going back up.

[RKV]

” we’re headed back to square one as far as being independent” - well the oil IS still in the ground for when we pump it.

[antidisestablishment]

The House of Saud is in worse shape than the American oil industry. Historically, oil has always been boom or bust. Once a company goes belly up, another takes its place. It’s not rocket science, and it’s not the end of the world or even America. Free markets are messy, and corrupt markets are messier by far.

Toppling the House of Saud would be worth most American oil companies going bankrupt. They will rise again. If Saud falls, Wahabism will die, and that will be worth celebrating. Optimism is a good thing.

[elcid1970]

“...we’re headed back to square one as far as being independent.”

You are so right...d@mmit.

These raghead goat humpers have been riding roughshod over us since 1973. Would so love to see Mecca and Riyadh nuked flat.