McCain:Saudis are more responsible for the Russian economic collapse

originally posted by: OccamsRazor04
It has nothing to do with our government. Much of the worlds oil can not be harvested at the price oil is at right now. Some needs $80/barrel, some needs $100/barrel.
Either way, this is the Saudi's doing, not the US government.

The price to extract Oil in various ways is generally getting lower as companies get more experienced at how they do it. The Oil Sands in Canada has seen huge cost reductions. Shale gas extraction in the US has also seen massive cost reductions. They are not even close to $80 or $100 a barrel now.

We'll soon see the real cost of extraction in these industries if the Saudis are determined enough. When the companies stop pulling it out of the ground then the cost is above the price. It's around $60/barrel right now and they are all still sucking it out.