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Saudi Prince: Oil will never return to $100

Saudi Prince: Oil will never return to $100

The days of $100 oil prices may be gone forever.

Opinion:

RuralTechGuy

In the 70's and 80's, OPEC tried to wreck US oil companies from small to large, drillers to wildcatters, engineers to producers by crashing the price of oil.  It worked.  This allowed them to take control of the market.  Now we have deployed technology that allows us to become energy independent once again.  And once again the despots we call "allies" are trying to break our native energy industry.

The punch line is, once a well is ignored, it's ability to produce starts to rapidly decline, so our work on older and even newer wells will have been in vain.

I suggest an embargo (like they did to us in '74) or better yet a price leveling tax on imports.

4th Generation Oil & Gas, 100 years in the business,.

cnbc.com

 

 

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