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This is a nice story but this: > Bankruptcies in the US ensued Never happened. What happened is that the US voluntarily shutdown their oil production out of c

This is a nice story but this: > Bankruptcies in the US ensued Never happened. What happened is that the US voluntarily shutdown their oil production out of concerns for the environment. So however this idea of the Russians and Saudis would surely make for a good plan, it's more suited for the plot of a new TV series.

jason-phillips 4y ago
> Never happened. What happened is that the US voluntarily shutdown their oil production out of concerns for the environment. As someone who lives in Texas not too far from the oil patch, this made me double cringe. Folks were put out of work, companies went under. They didn't voluntarily decide to stop feeding their families for the reasons you noted. Where did you get that information?? "Bankruptcy debt across the North America oil and gas industry passed $100bn in 2020 for the first time, reflecting the huge financial impact of the pandemic-triggered market crisis. In what was “arguably the most devastating year in history” for the sector, 108 companies filed for Chapter 11 bankruptcy support, with a combined debt of $102bn, according to an analysis by consultancy Rystad Energy."[0] [0] https://www.nsenergybusiness.com/features/oil-gas-bankruptcy-2020-north-america/ https://www.nsenergybusiness.com/features/oil-gas-bankruptcy...