Originally Posted by full of luv

It's not just substitutes, Saudi's realize that $100+ oil was fueling fracking development not just in the US but in other parts of the world. They realize that $75 barrel of oil will do more to put a damper on fracking and energy development than any regulation can. You are already hearing talk of some major #&^(# hurt in the midwest and plains states that were set up for oil at considerably higher levels.

Funny though, you never quite feel the sympathy for a struggling oil industry throughout the press as you do when oil is going up....