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New Killing off shale and tar sand operators is in the mix too.
After some bankruptcies and shutdowns things will change. The Saudis have deep pockets and are ruthless.
Alex

"There is a cult of ignorance in the United States, and there has always been. The strain of anti-intellectualism has been a constant thread winding its way through our political and cultural life, nurtured by the false notion that democracy means that "my ignorance is just as good as your knowledge."

-- Isaac Asimov
New Deep but not bottomless
And they have high, high running costs.

There was an article about that - basically discussing what the price of oil needs to be for SA to maintain their practice of buying their populace (massive oversimplification: there's basically no jobs outside the oil industry, so the gubmint pays people to do fuck-all; it's that or REVOLUTION). ISTR the break-even price was something like $50/barrel.

I'll see if I can find it.

Edit 1: promising search
Expand Edited by pwhysall Dec. 8, 2015, 01:46:09 AM EST
     OPEC can't agree. Oil predicted to fall to $20. - (Another Scott) - (2)
         Killing off shale and tar sand operators is in the mix too. - (a6l6e6x) - (1)
             Deep but not bottomless - (pwhysall)

None shall pass!
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