re: PRINCE ALWALEED: Oil Is Never Going Back To $100

Any banks that gave out money to oil companies with the expectation of oil at $80+ a barrel. When they start defaulting, other people will feel it.

I'll be the first to admit that costs in the oilfield can be cut. And personnel and salaries are at the forefront of that. But I don't for a second believe that this will last forever or even more than a year or so. We obviously were willing to pay $3.00+ a gallon for gas a few months ago, so the demand is there. This is purely to limit the competition. Once they are out of the picture, the price will be back. If the demand is there, why wouldn't a company take advantage of that???