John Kerry continues to fend off his title as Chief Useful Idiot. Let's look back to when further momentum picked up on oil's decline and factor how many winners the present administration can create while it checks more and more names from its enemies list.
http://www.zerohedge.com/news/2014-10-10/why-oil-plunging-other-part-secret-deal-between-us-and-saudi-arabia
I disagree on the national issue front since shale gas boom. The U.S. does not care about Chevron but they are carefully watching unconventionals in the U.s>This has been mulled over quite a bit among policy wonks. Did you know we will be exporting Natural gas to Europe next year? This was to keep demand up and rigs drilling to develop mainly the Marcellus and Utica plays in PA. It take 5 years for FERC to approve and they got a bipartisan bill done?????? 266 to 150 PASS. THIS NEVERR HAPPENS IN TODAYS CONGRESS. H.R.6 - Domestic Prosperity and Global Freedom Act. This is all about national security with energy independence. 50 is break even point for shale today. https://www.congress.gov/bill/113th-congress/house-bill/6
I think by "punish the U.S." you actually meant to type "provide manifest net benefits to the U.S. economy by reducing energy costs". Sorry buddy, O&G might be our personal meal ticket but it is not the economy or our national interests.
Good article. If you look at the infographic you'll see a list of volatile counties also on the pain list. They've based their entitlement programs on expensive oil and when you do that and oil plummets then you face the rath of the entitled. Venezuela, Iraq, Angola, Nigeria, and Algeria are all places I would not want to be in if this downturn lasts for years. I'll say to the people in those countries and ours; Elections have consequences. This is what happens when your leaders are passive in foreign policy and aggressive in nickel and diming business and the individual.
The ones being punished are Russia and Iran. US oil industry is just collateral damage...