As oil prices slide, Western oilmen are reviving their long-cherished dream of slaying the OPEC dragon. Witness the recent tweet by legendary investor T. Boone Pickens: “Don’t get distracted by falling #oil prices. We have #OPEC on the run. I say get an energy plan & finish them off.”
Meanwhile, the secretary-general of the Organization of Petroleum Exporting Countries, has urged members not to “panic” in the midst of an oil bear market.
The truth, however, is that nobody has an energy plan and everyone is panicking as Brent crude prices hit a four-year-low to US$80.58 per barrel.
No one is willing to show his hand, just yet. Canadian, Russian, Saudi, and U.S. producers all want to guard market share even if it means driving prices down further. Saudi Arabia’s decision to cut prices for its Asian customers in October was seen as a sign that it will…
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