Just imagine what’s going to happen when that happens. Imagine whats that doing to shale. Before the grand crash, it was assumed that shale would be fine at USD 80. In the years between then and now, assumptions have come down. Some say it’s in the 30ies now. No matter how valid those are it means that at USD 100, all shale producers are printing money. There will be a fresh round of money into shale no matter what Biden does which will consolidate current innovation and trigger a fresh round. The feast/famine cycle hardens shale evermore.
Rumblings are starting to emerge that by the end of next year prices could once again top $100 a barrel.