I wonder how Dara’s approach will pan out if things get much worse (most economists predict that there will be a greater recession than 08 unless urgent fiscal and monetary actions are taken immediately). Friends in the oil industry have described the environment as cutthroat and unpredictable, swaying wildly from euphoric good times to brutal cost cutting when oil prices fall... I was shocked at how they were treated but in a cyclical market that’s the only kind of company that will survive the lows.

Hopefully it doesn’t come to that but who knows.