See, when oil companies borrowed 90 percent of their anticipated value they did it with hubris. They knew they were going to break the market. I don't think CEOs of oil companies are very bright, but, I don't think they are stupid. They knew they were going to break the market otherwise why borrow 90 percent on future earnings?
I am sure every oil CEO made sure he was very comfortable before breaking the market.
I mean if anyone believes this wasn't about dumping USA oil into the market has a lot to learn about the American petroleum industry. They still receive subsidies from the USA government after dumping oil into the commodity supplies.
Did American petroleum actually believe this circus was going to bankrupt Saudi Arabia and Russia? Really? Since when does American petroleum start their own war? It is really unfortunate it is not state owned in the USA. We only own the leases.
With the USA petroleum industries now able to export outside of the country, expect the CEOs to try to muscle any other country or company out of the market. Don't let it happen. Saudi Arabia and Russia should be seeking long term contracts with their customers.
