Toxxic graph, page-9

Yup, it's pretty bonkers out there at the minute, really the quicker the pain the better. OPEC has gotten it very wrong, and the reality is they never could put the fracking genie back in the bottle - The US has a diversified and strong economy with plenty of access to capital both on and off shore. Even if the entire fracking industry goes bust, their rigs and the technology is just waiting to be re-employed and will come back on line in a flash as soon as it becomes profitable once again - indeed the slow bleed in oil prices has just led them to innovate and continual reduce their marginal production cost such that the Saudis will now struggle to prop up oil prices much above $60 in the medium term, that together with the likely hit to consumption if they force a global slowdown further dampens any hopes of forcing supply below demand. The OPEC cartel lost their grip as soon as Russia, the US and other non-OPEC groups started to pump such a large portion of the world supply...

Tin hats on for few weeks.