I understand that companies planned for USD 40 oil but if they had CONTEMPLATED THE IF’S for a while they would have found that this was inevitable. We have lived for close to 15 years under a constant garage of QE and cheap money. All the ills of before 2008 are still here. Nothing was fixed. QE has just made a bad problem much, much worse. It was clear to anyone with eyes to see that this bust must have come sooner or later. I said so for many years now. It always needs a trigger and those cannot be predicted. But the underlying causes were utterly predictable. COVID is not the cause of this, neither is the oil war. We have done this to ourselves for many years. Now we got to eat the soup.
U.S. shale producer EOG Resources Inc does not expect the current oil oversupply to ease as quickly as it did in the last downturn, a company executive told an energy conference on Tuesday.