Quote:
Originally Posted by ian c2
Yeah , they’ll sure put the prices down and lose profits as more people go electric ...
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They are screwed either way. That is the reason for the ipo. There is no way in hell they want to open up their books and let folks see their actual reserves. But the change in production is forcing them to do the unthinkable.
The Sauds already tried to drive out the US producers by crashing prices and all that did is cost them 250 billion out of their cash on hand. They are in such bad shape they are taking on debt when in the past they could bank the profit.
If they cut back production to raise prices it only opens up more US areas into being profitable. They lose even more market share. The last 5 years has turned the oil energy upside down. The tech advances and fracking has accomplished something that no one could even dream of 10 years ago.