Where are you getting that the Americans have cheap to produce oil? All new production coming on in the US is shale or tight oil, that is not cheap by a long shot. Break even for a lot of that oil is close to $90, combined with high decline rates.
Canadian oil, while not cheap, is hobbled mostly by the tranortation spread. But companies have already made a lot of other plans to get oil to the coasts.
While the decline in oil prices might hurt the oil patch, it's nothing like going down to $50 or south of that.
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