re: So what do we do about the oil and gas industry, set price?

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You forgot the most important item. Truck nutz.

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Gots to have the truck nutz and you gotta get the flow master tuned just right so everyone can hear your Cummins or Powerstroke fifteen miles away!!!

On that note I was in SE New Mexico during the last bust....seriously, if you have some cash campers, trucks, UTVs will be a BARGAIN in a month....pennies on the dollar in some cases.

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you moral soap box every day and defend the Communist Chinese tooth and nail.

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Point to one example of that. Just one.

You cant do it.

You confuse standing for the freedom of Americans with defending China. You have no reading comprehension skills if you think me a defender of communist. I will post facts you do not like when someone posts idiotic statements like "lets cancel our debt to China" or "lets go to war with China" or "lets end trade with China". Those are not defenses of China. They are simply truths.

One thing is for certain--China today is MUCH more capitalist than most countries.

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Nobody EVER plays by the same rules and they should not be expected too.

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This is a completely fair point.

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I understand 2000 wells were P&A in March in the Permian. We can adjust supply rather quickly.

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I need to go look at plug filings when I'm not swamped, but this wouldn't surprise me at all. One thing that people are overlooking or don't know is that quite a few companies were cutting back on projects and laying down rigs back in mid 2019. API and EIA reports do tend to lag somewhat (heck, they're about as reliable as Coronavirus data!), so I'm curious if that supply overhang doesn't start falling off a bit earlier than people anticipate and then grows to a huge swell.

Just have the U.S. Government purchase American produced oil at survival prices as a National Strategic Response. The oil producers will be able to survive to ramp up production when needed.

Meanwhile, our economy will enjoy the fruits of low energy costs and rebound. We boom spending fuel money elsewhere, and Putin’s bad acting Russia will be unable to afford bad acting.

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China today is MUCH more capitalist than most countries.

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How? The government runs and controls every company

Sorry. Not every company. Every company based in China that does international or national business.

And this one--again just facts---not defending China just correcting misconceptions many here have

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A working paper from the World Economic Forum stated that “China’s private sector - which has been revving up since the global financial crisis - is now serving as the main driver of China’s economic growth. The combination of numbers 60/70/80/90 are frequently used to describe the private sector’s contribution to the Chinese economy: they contribute 60% of China’s GDP, and are responsible for 70% of innovation, 80% of urban employment and provide 90% of new jobs. Private wealth is also responsible for 70% of investment and 90% of exports.” Today, China’s private sector contributes nearly two-thirds of the country’s growth and nine-tenths of new jobs, according to the All-China Federation of Industry and Commerce, an official business group.

‘State Capitalism’ Is A Misleading Term

These figures should cause anyone who cites China’s economic miracle as evidence of the superiority of “state capitalism” to stop and think again. “State capitalism” is such an absurd term anyway. Capitalism is based on the twin pillars of free market principles and private enterprise. Capitalism is incompatible with a state economy in which companies are state-owned and planning authorities determine what is produced. Therefore, there can be no such thing as “state capitalism.” In truth, China is a mixed system that combines capitalism and socialism—just like every other country in the world. This is equally true of the United States and European countries, all of which blend—in different proportions—capitalist and socialist elements in their economic systems.

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Just spit balling ideas, but how would this be handled in any other commodity market? If we produced too much corn, milk, or soybeans how would the government react?

The government would come in and pay a small portion of profits and overhead and pay farmers to plant something else or not at all.

What would happen if the government paid producers to idle wells for the next 90 days? Pay $4-$5 a BOPDE and idle 100 wells per lease.

Companies are actively doing this right now; as ESPs are failing wells are going idle. This will take some time to reduce down supply as nobody is actively turning off a producing well.