smkymtnboy,
I agree with much of your post. I obviously make my living in the oil patch. Several years ago, 100 plus a barrel oil was to high, way to high when gas was 4.50 plus. Hurt many people, especially truckers. This sub 50 a barrel oil is hurting many people also, not just us oil patch, but all our suppliers, truckers, and so on. This is to low, and will also hurt much of the country just like the greater than 100 a barrel did.
Hopefully it will find a happy medium around 70 to 80 a barrel.
My fear is if Saudi is correct and they will keep out put up, driving many small to medium drilling and oil companies out of business, then Supply will go way down, demand will go way up in relation and it will sky rocket because there is no reserve capacity for drilling or production.
I also believe many will make some bad decisions due to the cheep gas. They will by much larger vehicles and much less fuel efficient, the when gas sky rockets, which it will, end of this year or two years, these folk will not be able to fill them up at 4.50 a gallon.