...and simultaneously making all those other oil producing nations even more profitable.While Schlotterbeck was optimistic overall, saying that that the industry needs to tone down its production to let prices rise by 60-80% in order to become healthy,
Hahahaha! They spent so much time bragging about how they will break the backs of Russia and Iran and those "terrorism supporting nations " by pumping out their piss-grade thin oil... and now the only way out of their predicament is to gift money to their enemies. Except that those enemies have already adjusted their economies to account for extended operations with low oil prices, so they get far greater benefits than the shale oil business will ever get.
They have only three options:
- Keep on pumping, and end up collapsing the entire shale oil and gas industry.
- Cut production, and give away power to rival nations.
- Pray that Trumpie will start a war for them, so they can help manipulate oil prices. Being Trumpie, this means the inevitability of more bankruptcy.