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A comment on The United States Is Now the Largest Global Crude Oil Producer. Parent comment

Re:The United States Is Now the Largest Global Crude Oil Pro... by tonyedgecombe on Wednesday September 12, 2018 @05:10PM (#17973363)
I don't think anybody expects it to go away, what's interesting is what happens to the price if we dropped demand by 10 or 20% for instance. Would the price fall close to the cost of extraction or would supply restrict enough to keep it higher.
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Re:The United States Is Now the Largest Global Crude Oil Pro... by JumpCrisscross on Wednesday September 12, 2018 @07:55PM (#17974690)
> Would the price fall close to the cost of extraction

My guess is we'll see the price fall closer to the extraction price, but less than where these petrostates can sustain themselves. So we'll see a succession of petrostate collapses, each one taking supply offline and popping the price back up. Would be an interesting time to trade crude.

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Re:The United States Is Now the Largest Global Crude Oil Pro... by rsj_hn on Wednesday September 12, 2018 @11:07PM (#17975645)
I'm scared about a Saudi collapse. I can imagine that regime, which is already very radical, becoming much more so if the profits from extraction run out.
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Re:The United States Is Now the Largest Global Crude Oil Pro... by dennisgorelik on Thursday September 13, 2018 @08:29AM (#17978028)
Through the history, loss of oil tax income - reliably made authoritarian governments less aggressive and more democratic.

Consider examples of USSR/Russia, Venezuela, Iran ...

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