Quote:
Originally Posted by blankall
I'd definitely agree and say at least part of this is to put a halt to US shale development. The US is on the verge of energy independence from the middle east. The Saudis want to keep their biggest customer on the hook.
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Why are people still clinging to the fact that the USA will be energy independent? It's been said over and over that the shale drillers are under water and can't keep up with their debt payments, with oil tanking it's a matter of time before they are officially bankrupt and then you'll see fire-sale prices of their land holdings (I heard somewhere around 2017-2020). The shale boom was never sustainable, just another bubble fueled by cheap credit similar to the real estate bust and dot-com bubble. From bubble to bubble we go.....
http://www.bloomberg.com/news/2014-1...t-markets.html