- Oct 18, 2009
I think it's not a bad idea. Are we going to let all the oil and gas companies close down so we can become 100% dependant on foreign oil. That's exactly what Putin and the Saudis want. I say they pay back whatever assistance they get later on when prices come back up.
Guess you forgot 2014 when the Saudis flooded the market with oil...to drive U.S. shale out of business.
What happened? Bankruptcies abounded yet during that time, U.S. oil output increased by 500,000 bpd.
Why? Our business bankruptcy laws tend to allow a business to declare bankruptcy, go through reorganization, and come out the other side with fewer debts and still in business. In fact, most never quit pumping during their bankruptcy proceedings. It's a peculiarity with U.S. business law...and the Sauds fell flat on their faces and never drove U.S. oil out of business as they'd hoped to.
Didn't happen then, most likely won't be successful this time, either.