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Saudi Arabia should call a truce in oil price war

6 Comments
By John Kemp

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6 Comments
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I'm all for lower gas prices and cheaper flights and cheaper food because truckers have lower costs.

Bring it on.

1 ( +1 / -0 )

"Pressing on with such a tactic in the midst of the worst global health emergency since the influenza pandemic of 1918 and one of the deepest global economic downturns in a century would be supremely dangerous"

I would have thought that with a global economic downturn, cheap oil would be just what was needed. I seem to remember in the past that oil price rises caused economic downturns…oh, I forgot, the American shale oil industry will become uneconomic and we can't have that.

1 ( +1 / -0 )

America shale losing big time and might even go into the negative.

0 ( +0 / -0 )

Saudi Arabia a “responsible global leader” Global leader of terrorism more like.

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While I am not a big fan of Saudi Arabia, why is the author blaming them for the price war, and not Russia? From what I have read in other publications, this price war is almost exclusively the choice of Vladimir Putin, as a way to hurt the American economy in general, and the shale industry in particular.

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We've already been here several years ago when they tried to kill the U.S. shale industry with $30/barrel oil. What ended up happening is that some shale production shut down, but the companies left became a lot more efficient and once oil rose in price again the shale production returned back to previous levels. Even if they do this for an extended period, it's not like the technical know-how or capital will disappear. As soon a oil goes back to $50/60+, investment and production will return.

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