wbuff,
I can only give you my opinion, but I have been in this business for a long time.
Don’t hold me to my dates - fuzzy brain -…
Early 1970’s I attended a macro economics course by a SMU prof who later became Under Secretatery of Energy.
Oil was about $6/barrel IIRC, and he predicted the Saudis would drop the price of oil and put the US O&G industry out of business - they did and imposed THE embargo that was the predecessor of OPEC.
This is the third time, if memory serves me correctly, that we have become a threat due to our advanced O&G recovery technology.
They lead in “lifting costs, but we lead in technology.
But here is where it gets cmplicated, geopolitics rears it’s ugly head and we can’t go there,but you see that it complicates who controls the market.
Many professionals including myself, believe Permian Basin of Texas has more unrecovered hydrocarbons than Saudi Arabia, but Iran is their strongest competitor, if you see where I am going with this.
Hope this helps,
George
