This is really bad news for Russia. Fracking is now profitable at $60 a barrel, so the price of oil can never go above that. And fracking technology is new, so

This is really bad news for Russia. Fracking is now profitable at $60 a barrel, so the price of oil can never go above that. And fracking technology is new, so we can expect to improve further and make production profitable at a lower cost, so prices will gradually get even lower still. It is also bad news for Saudi Arabia. But that country realizes it and is working hard to expand its economy into other areas, whereas Russia remains focused on oil. Any Putin fans out there who want to argue that he really knows what he is doing on energy?