Gas Prices Dropping Because Global Economy Awful. Expect That To Hurt Americans As Well.

[ClosedCaption]

Isn't it interesting.

When gas prices were rising, it was bad and it was Obama's fault.

Now, gas prices are falling, and it's bad and it's Obama's fault.

...that is rightwing propaganda in its purest form.

Pretty much how it goes....The Anti-Party.

supply and demand, dingleberry. econ 101. it has nothing to do with party or partisan bullshit.

So you know this and still blamed it on Obama?

a strong economy creates a strong demand for energy. obama's policies have stagnated the economy. Yes, I blame his policies. Who or what do you blame?

So when prices go up its Obamas fault, when they go down its the way of the world lol

 

[edthecynic]

And when the oil shale industry implodes because prices fall too far to make it economically feasible, that too will be Obama's fault.

Why Oil Prices Are Dropping Despite Mideast Unrest Jeffrey Rubin

If the prices fall because of a failing economy then the blame belongs on the POTUS and congress. If prices fall because the ragheads are flooding the market, then its their fault. But they are not that dumb.

Actually our "allies" the Saudis are cutting the price to undermine the shale production in the US and Canada, so they ARE flooding the market but they are not dumb.

 

[Redfish]

Isn't it interesting.

When gas prices were rising, it was bad and it was Obama's fault.

Now, gas prices are falling, and it's bad and it's Obama's fault.

...that is rightwing propaganda in its purest form.

Pretty much how it goes....The Anti-Party.

supply and demand, dingleberry. econ 101. it has nothing to do with party or partisan bullshit.

So you know this and still blamed it on Obama?

a strong economy creates a strong demand for energy. obama's policies have stagnated the economy. Yes, I blame his policies. Who or what do you blame?

So when prices go up its Obamas fault, when they go down its the way of the world lol

OK, lets go slow so maybe you can get it

when obama blocked new offshore drilling permits and leases it affected the supply. when supply is reduced prices go up.

when obama's economic policies caused the economy to slow down or stagnate, the demand for energy went down. when demand goes down prices go down.

its not really complicated, but I understand that your ability to comprehend things is demaged by the defective liberal gene.

 

[Redfish]

And when the oil shale industry implodes because prices fall too far to make it economically feasible, that too will be Obama's fault.

Why Oil Prices Are Dropping Despite Mideast Unrest Jeffrey Rubin

If the prices fall because of a failing economy then the blame belongs on the POTUS and congress. If prices fall because the ragheads are flooding the market, then its their fault. But they are not that dumb.

Actually our "allies" the Saudis are cutting the price to undermine the shale production in the US and Canada, so they ARE flooding the market but they are not dumb.

they are working the system to their advantage, we are not. But remember, when they cut prices they reduce their profit margin, they won't do that for long.

 

[NYcarbineer]

Pretty much how it goes....The Anti-Party.

supply and demand, dingleberry. econ 101. it has nothing to do with party or partisan bullshit.

So you know this and still blamed it on Obama?

a strong economy creates a strong demand for energy. obama's policies have stagnated the economy. Yes, I blame his policies. Who or what do you blame?

So when prices go up its Obamas fault, when they go down its the way of the world lol

OK, lets go slow so maybe you can get it

when obama blocked new offshore drilling permits and leases it affected the supply. when supply is reduced prices go up.

when obama's economic policies caused the economy to slow down or stagnate, the demand for energy went down. when demand goes down prices go down.

its not really complicated, but I understand that your ability to comprehend things is demaged by the defective liberal gene.

None of that happened. Read that sentence as slowly as you need to to understand it.

 

[edthecynic]

Pretty much how it goes....The Anti-Party.

supply and demand, dingleberry. econ 101. it has nothing to do with party or partisan bullshit.

So you know this and still blamed it on Obama?

a strong economy creates a strong demand for energy. obama's policies have stagnated the economy. Yes, I blame his policies. Who or what do you blame?

So when prices go up its Obamas fault, when they go down its the way of the world lol

OK, lets go slow so maybe you can get it

when obama blocked new offshore drilling permits and leases it affected the supply. when supply is reduced prices go up.

when obama's economic policies caused the economy to slow down or stagnate, the demand for energy went down. when demand goes down prices go down.

its not really complicated, but I understand that your ability to comprehend things is demaged by the defective liberal gene.

Except the economy is growing and demand is increasing. The Saudis are flooding the market with reduced priced crude to cripple the shale production in the US and Canada. Shale production is only profitable when crude is over $80 a barrel. WTI is at $77 a barrel and has been as low as $75 a barrel.

Oil Price Fall Threatens US Oil Production

Oil Price Fall Threatens US Oil Production By STEVE AUSTIN for OIL-PRICE.NET, 2014/11/04

A falling oil price is good for the US consumer and good for the US economy. Transport costs feed into the price of every physical product, so if oil gets cheaper, everything gets cheaper. If the oil price falls too far, however, the USA's recent fracking boom will come to an end. Forces are at play to end the USA's projected energy independence and return the country to dependence on the Middle East for its fuel supplies. The USA's long-term key supplier, Saudi Arabia, doesn't want to lose grip on its best customer.

High-tech US oil producers need $80 per barrel to be profitable. Saudis need only $50.

 

[Redfish]

supply and demand, dingleberry. econ 101. it has nothing to do with party or partisan bullshit.

So you know this and still blamed it on Obama?

a strong economy creates a strong demand for energy. obama's policies have stagnated the economy. Yes, I blame his policies. Who or what do you blame?

So when prices go up its Obamas fault, when they go down its the way of the world lol

OK, lets go slow so maybe you can get it

when obama blocked new offshore drilling permits and leases it affected the supply. when supply is reduced prices go up.

when obama's economic policies caused the economy to slow down or stagnate, the demand for energy went down. when demand goes down prices go down.

its not really complicated, but I understand that your ability to comprehend things is demaged by the defective liberal gene.

Except the economy is growing and demand is increasing. The Saudis are flooding the market with reduced priced crude to cripple the shale production in the US and Canada. Shale production is only profitable when crude is over $80 a barrel. WTI is at $77 a barrel and has been as low as $75 a barrel.

Oil Price Fall Threatens US Oil Production

Oil Price Fall Threatens US Oil Production By STEVE AUSTIN for OIL-PRICE.NET, 2014/11/04

A falling oil price is good for the US consumer and good for the US economy. Transport costs feed into the price of every physical product, so if oil gets cheaper, everything gets cheaper. If the oil price falls too far, however, the USA's recent fracking boom will come to an end. Forces are at play to end the USA's projected energy independence and return the country to dependence on the Middle East for its fuel supplies. The USA's long-term key supplier, Saudi Arabia, doesn't want to lose grip on its best customer.

High-tech US oil producers need $80 per barrel to be profitable. Saudis need only $50.

take the taxes off US produced oil and we would be competitive with the saudis.

 

[edthecynic]

So you know this and still blamed it on Obama?

a strong economy creates a strong demand for energy. obama's policies have stagnated the economy. Yes, I blame his policies. Who or what do you blame?

So when prices go up its Obamas fault, when they go down its the way of the world lol

OK, lets go slow so maybe you can get it

when obama blocked new offshore drilling permits and leases it affected the supply. when supply is reduced prices go up.

when obama's economic policies caused the economy to slow down or stagnate, the demand for energy went down. when demand goes down prices go down.

its not really complicated, but I understand that your ability to comprehend things is demaged by the defective liberal gene.

Except the economy is growing and demand is increasing. The Saudis are flooding the market with reduced priced crude to cripple the shale production in the US and Canada. Shale production is only profitable when crude is over $80 a barrel. WTI is at $77 a barrel and has been as low as $75 a barrel.

Oil Price Fall Threatens US Oil Production

Oil Price Fall Threatens US Oil Production By STEVE AUSTIN for OIL-PRICE.NET, 2014/11/04

A falling oil price is good for the US consumer and good for the US economy. Transport costs feed into the price of every physical product, so if oil gets cheaper, everything gets cheaper. If the oil price falls too far, however, the USA's recent fracking boom will come to an end. Forces are at play to end the USA's projected energy independence and return the country to dependence on the Middle East for its fuel supplies. The USA's long-term key supplier, Saudi Arabia, doesn't want to lose grip on its best customer.

High-tech US oil producers need $80 per barrel to be profitable. Saudis need only $50.

take the taxes off US produced oil and we would be competitive with the saudis.

I'm not sure there are taxes on crude, but there are certainly not enough taxes to bring the crude price down to $50 a barrel, the price the Saudis have said they will go down to in order to drive the shale oil producers out of business.

 

[Redfish]

a strong economy creates a strong demand for energy. obama's policies have stagnated the economy. Yes, I blame his policies. Who or what do you blame?

So when prices go up its Obamas fault, when they go down its the way of the world lol

OK, lets go slow so maybe you can get it

when obama blocked new offshore drilling permits and leases it affected the supply. when supply is reduced prices go up.

when obama's economic policies caused the economy to slow down or stagnate, the demand for energy went down. when demand goes down prices go down.

its not really complicated, but I understand that your ability to comprehend things is demaged by the defective liberal gene.

Except the economy is growing and demand is increasing. The Saudis are flooding the market with reduced priced crude to cripple the shale production in the US and Canada. Shale production is only profitable when crude is over $80 a barrel. WTI is at $77 a barrel and has been as low as $75 a barrel.

Oil Price Fall Threatens US Oil Production

Oil Price Fall Threatens US Oil Production By STEVE AUSTIN for OIL-PRICE.NET, 2014/11/04

A falling oil price is good for the US consumer and good for the US economy. Transport costs feed into the price of every physical product, so if oil gets cheaper, everything gets cheaper. If the oil price falls too far, however, the USA's recent fracking boom will come to an end. Forces are at play to end the USA's projected energy independence and return the country to dependence on the Middle East for its fuel supplies. The USA's long-term key supplier, Saudi Arabia, doesn't want to lose grip on its best customer.

High-tech US oil producers need $80 per barrel to be profitable. Saudis need only $50.

take the taxes off US produced oil and we would be competitive with the saudis.

I'm not sure there are taxes on crude, but there are certainly not enough taxes to bring the crude price down to $50 a barrel, the price the Saudis have said they will go down to in order to drive the shale oil producers out of business.

there are taxes at the wellhead, the refinery, the wholesaler, and the retailer. Gasoline is the most taxed commodity in the world. Those taxes do not include lease fees, permitting fees, transportation fees, EPA fees, and license fees.

 

[ClosedCaption]

a strong economy creates a strong demand for energy. obama's policies have stagnated the economy. Yes, I blame his policies. Who or what do you blame?

So when prices go up its Obamas fault, when they go down its the way of the world lol

OK, lets go slow so maybe you can get it

when obama blocked new offshore drilling permits and leases it affected the supply. when supply is reduced prices go up.

when obama's economic policies caused the economy to slow down or stagnate, the demand for energy went down. when demand goes down prices go down.

its not really complicated, but I understand that your ability to comprehend things is demaged by the defective liberal gene.

Except the economy is growing and demand is increasing. The Saudis are flooding the market with reduced priced crude to cripple the shale production in the US and Canada. Shale production is only profitable when crude is over $80 a barrel. WTI is at $77 a barrel and has been as low as $75 a barrel.

Oil Price Fall Threatens US Oil Production

Oil Price Fall Threatens US Oil Production By STEVE AUSTIN for OIL-PRICE.NET, 2014/11/04

A falling oil price is good for the US consumer and good for the US economy. Transport costs feed into the price of every physical product, so if oil gets cheaper, everything gets cheaper. If the oil price falls too far, however, the USA's recent fracking boom will come to an end. Forces are at play to end the USA's projected energy independence and return the country to dependence on the Middle East for its fuel supplies. The USA's long-term key supplier, Saudi Arabia, doesn't want to lose grip on its best customer.

High-tech US oil producers need $80 per barrel to be profitable. Saudis need only $50.

take the taxes off US produced oil and we would be competitive with the saudis.

I'm not sure there are taxes on crude, but there are certainly not enough taxes to bring the crude price down to $50 a barrel, the price the Saudis have said they will go down to in order to drive the shale oil producers out of business.

Obamas fault

 

[edthecynic]

So when prices go up its Obamas fault, when they go down its the way of the world lol

OK, lets go slow so maybe you can get it

when obama blocked new offshore drilling permits and leases it affected the supply. when supply is reduced prices go up.

when obama's economic policies caused the economy to slow down or stagnate, the demand for energy went down. when demand goes down prices go down.

its not really complicated, but I understand that your ability to comprehend things is demaged by the defective liberal gene.

Except the economy is growing and demand is increasing. The Saudis are flooding the market with reduced priced crude to cripple the shale production in the US and Canada. Shale production is only profitable when crude is over $80 a barrel. WTI is at $77 a barrel and has been as low as $75 a barrel.

Oil Price Fall Threatens US Oil Production

Oil Price Fall Threatens US Oil Production By STEVE AUSTIN for OIL-PRICE.NET, 2014/11/04

A falling oil price is good for the US consumer and good for the US economy. Transport costs feed into the price of every physical product, so if oil gets cheaper, everything gets cheaper. If the oil price falls too far, however, the USA's recent fracking boom will come to an end. Forces are at play to end the USA's projected energy independence and return the country to dependence on the Middle East for its fuel supplies. The USA's long-term key supplier, Saudi Arabia, doesn't want to lose grip on its best customer.

High-tech US oil producers need $80 per barrel to be profitable. Saudis need only $50.

take the taxes off US produced oil and we would be competitive with the saudis.

I'm not sure there are taxes on crude, but there are certainly not enough taxes to bring the crude price down to $50 a barrel, the price the Saudis have said they will go down to in order to drive the shale oil producers out of business.

there are taxes at the wellhead, the refinery, the wholesaler, and the retailer. Gasoline is the most taxed commodity in the world. Those taxes do not include lease fees, permitting fees, transportation fees, EPA fees, and license fees.

Again, there is no way that there is $30 in taxes per barrel at the well head.

 

[koshergrl]

The fact that we've increased domestic production of oil by about 50 percent is also being reflected at the pump. It isn't JUST about demand.

 

[Eric Cartman]

So you know this and still blamed it on Obama?

a strong economy creates a strong demand for energy. obama's policies have stagnated the economy. Yes, I blame his policies. Who or what do you blame?

So when prices go up its Obamas fault, when they go down its the way of the world lol

OK, lets go slow so maybe you can get it

when obama blocked new offshore drilling permits and leases it affected the supply. when supply is reduced prices go up.

when obama's economic policies caused the economy to slow down or stagnate, the demand for energy went down. when demand goes down prices go down.

its not really complicated, but I understand that your ability to comprehend things is demaged by the defective liberal gene.

Except the economy is growing and demand is increasing. The Saudis are flooding the market with reduced priced crude to cripple the shale production in the US and Canada. Shale production is only profitable when crude is over $80 a barrel. WTI is at $77 a barrel and has been as low as $75 a barrel.

Oil Price Fall Threatens US Oil Production

Oil Price Fall Threatens US Oil Production By STEVE AUSTIN for OIL-PRICE.NET, 2014/11/04

A falling oil price is good for the US consumer and good for the US economy. Transport costs feed into the price of every physical product, so if oil gets cheaper, everything gets cheaper. If the oil price falls too far, however, the USA's recent fracking boom will come to an end. Forces are at play to end the USA's projected energy independence and return the country to dependence on the Middle East for its fuel supplies. The USA's long-term key supplier, Saudi Arabia, doesn't want to lose grip on its best customer.

High-tech US oil producers need $80 per barrel to be profitable. Saudis need only $50.

take the taxes off US produced oil and we would be competitive with the saudis.

Typically taxes are on profits not production so if they were selling at or below cost there shouldn't be any taxes. I am not a tax expert so feel to correct me if I am wrong.

 

[Redfish]

OK, lets go slow so maybe you can get it

when obama blocked new offshore drilling permits and leases it affected the supply. when supply is reduced prices go up.

when obama's economic policies caused the economy to slow down or stagnate, the demand for energy went down. when demand goes down prices go down.

its not really complicated, but I understand that your ability to comprehend things is demaged by the defective liberal gene.

Except the economy is growing and demand is increasing. The Saudis are flooding the market with reduced priced crude to cripple the shale production in the US and Canada. Shale production is only profitable when crude is over $80 a barrel. WTI is at $77 a barrel and has been as low as $75 a barrel.

Oil Price Fall Threatens US Oil Production

Oil Price Fall Threatens US Oil Production By STEVE AUSTIN for OIL-PRICE.NET, 2014/11/04

A falling oil price is good for the US consumer and good for the US economy. Transport costs feed into the price of every physical product, so if oil gets cheaper, everything gets cheaper. If the oil price falls too far, however, the USA's recent fracking boom will come to an end. Forces are at play to end the USA's projected energy independence and return the country to dependence on the Middle East for its fuel supplies. The USA's long-term key supplier, Saudi Arabia, doesn't want to lose grip on its best customer.

High-tech US oil producers need $80 per barrel to be profitable. Saudis need only $50.

take the taxes off US produced oil and we would be competitive with the saudis.

I'm not sure there are taxes on crude, but there are certainly not enough taxes to bring the crude price down to $50 a barrel, the price the Saudis have said they will go down to in order to drive the shale oil producers out of business.

there are taxes at the wellhead, the refinery, the wholesaler, and the retailer. Gasoline is the most taxed commodity in the world. Those taxes do not include lease fees, permitting fees, transportation fees, EPA fees, and license fees.

Again, there is no way that there is $30 in taxes per barrel at the well head.

FYI Crude Oil Production Tax

 

[Redfish]

a strong economy creates a strong demand for energy. obama's policies have stagnated the economy. Yes, I blame his policies. Who or what do you blame?

So when prices go up its Obamas fault, when they go down its the way of the world lol

OK, lets go slow so maybe you can get it

when obama blocked new offshore drilling permits and leases it affected the supply. when supply is reduced prices go up.

when obama's economic policies caused the economy to slow down or stagnate, the demand for energy went down. when demand goes down prices go down.

its not really complicated, but I understand that your ability to comprehend things is demaged by the defective liberal gene.

Except the economy is growing and demand is increasing. The Saudis are flooding the market with reduced priced crude to cripple the shale production in the US and Canada. Shale production is only profitable when crude is over $80 a barrel. WTI is at $77 a barrel and has been as low as $75 a barrel.

Oil Price Fall Threatens US Oil Production

Oil Price Fall Threatens US Oil Production By STEVE AUSTIN for OIL-PRICE.NET, 2014/11/04

A falling oil price is good for the US consumer and good for the US economy. Transport costs feed into the price of every physical product, so if oil gets cheaper, everything gets cheaper. If the oil price falls too far, however, the USA's recent fracking boom will come to an end. Forces are at play to end the USA's projected energy independence and return the country to dependence on the Middle East for its fuel supplies. The USA's long-term key supplier, Saudi Arabia, doesn't want to lose grip on its best customer.

High-tech US oil producers need $80 per barrel to be profitable. Saudis need only $50.

take the taxes off US produced oil and we would be competitive with the saudis.

Typically taxes are on profits not production so if they were selling at or below cost there shouldn't be any taxes. I am not a tax expert so feel to correct me if I am wrong.

Crude Oil Production Tax

 

[Mertex]

Pretty much how it goes....The Anti-Party.

supply and demand, dingleberry. econ 101. it has nothing to do with party or partisan bullshit.

So you know this and still blamed it on Obama?

a strong economy creates a strong demand for energy. obama's policies have stagnated the economy. Yes, I blame his policies. Who or what do you blame?

So when prices go up its Obamas fault, when they go down its the way of the world lol

OK, lets go slow so maybe you can get it

when obama blocked new offshore drilling permits and leases it affected the supply. when supply is reduced prices go up.

when obama's economic policies caused the economy to slow down or stagnate, the demand for energy went down. when demand goes down prices go down.

its not really complicated, but I understand that your ability to comprehend things is demaged by the defective liberal gene.

Your ability to spin shit is enhanced by all that Faux News Kool-Aid.

 

[edthecynic]

So when prices go up its Obamas fault, when they go down its the way of the world lol

OK, lets go slow so maybe you can get it

when obama blocked new offshore drilling permits and leases it affected the supply. when supply is reduced prices go up.

when obama's economic policies caused the economy to slow down or stagnate, the demand for energy went down. when demand goes down prices go down.

its not really complicated, but I understand that your ability to comprehend things is demaged by the defective liberal gene.

Except the economy is growing and demand is increasing. The Saudis are flooding the market with reduced priced crude to cripple the shale production in the US and Canada. Shale production is only profitable when crude is over $80 a barrel. WTI is at $77 a barrel and has been as low as $75 a barrel.

Oil Price Fall Threatens US Oil Production

Oil Price Fall Threatens US Oil Production By STEVE AUSTIN for OIL-PRICE.NET, 2014/11/04

A falling oil price is good for the US consumer and good for the US economy. Transport costs feed into the price of every physical product, so if oil gets cheaper, everything gets cheaper. If the oil price falls too far, however, the USA's recent fracking boom will come to an end. Forces are at play to end the USA's projected energy independence and return the country to dependence on the Middle East for its fuel supplies. The USA's long-term key supplier, Saudi Arabia, doesn't want to lose grip on its best customer.

High-tech US oil producers need $80 per barrel to be profitable. Saudis need only $50.

take the taxes off US produced oil and we would be competitive with the saudis.

Typically taxes are on profits not production so if they were selling at or below cost there shouldn't be any taxes. I am not a tax expert so feel to correct me if I am wrong.

Crude Oil Production Tax

Thanks, less than $5 per barrel when a barrel sells for $100.

 

[Redfish]

OK, lets go slow so maybe you can get it

when obama blocked new offshore drilling permits and leases it affected the supply. when supply is reduced prices go up.

when obama's economic policies caused the economy to slow down or stagnate, the demand for energy went down. when demand goes down prices go down.

its not really complicated, but I understand that your ability to comprehend things is demaged by the defective liberal gene.

Except the economy is growing and demand is increasing. The Saudis are flooding the market with reduced priced crude to cripple the shale production in the US and Canada. Shale production is only profitable when crude is over $80 a barrel. WTI is at $77 a barrel and has been as low as $75 a barrel.

Oil Price Fall Threatens US Oil Production

Oil Price Fall Threatens US Oil Production By STEVE AUSTIN for OIL-PRICE.NET, 2014/11/04

A falling oil price is good for the US consumer and good for the US economy. Transport costs feed into the price of every physical product, so if oil gets cheaper, everything gets cheaper. If the oil price falls too far, however, the USA's recent fracking boom will come to an end. Forces are at play to end the USA's projected energy independence and return the country to dependence on the Middle East for its fuel supplies. The USA's long-term key supplier, Saudi Arabia, doesn't want to lose grip on its best customer.

High-tech US oil producers need $80 per barrel to be profitable. Saudis need only $50.

take the taxes off US produced oil and we would be competitive with the saudis.

Typically taxes are on profits not production so if they were selling at or below cost there shouldn't be any taxes. I am not a tax expert so feel to correct me if I am wrong.

Crude Oil Production Tax

Thanks, less than $5 per barrel when a barrel sells for $100.

times hundreds of millions of barrels. it puts a lot of money in the federal treasury.

 

[Redfish]

supply and demand, dingleberry. econ 101. it has nothing to do with party or partisan bullshit.

So you know this and still blamed it on Obama?

a strong economy creates a strong demand for energy. obama's policies have stagnated the economy. Yes, I blame his policies. Who or what do you blame?

So when prices go up its Obamas fault, when they go down its the way of the world lol

OK, lets go slow so maybe you can get it

when obama blocked new offshore drilling permits and leases it affected the supply. when supply is reduced prices go up.

when obama's economic policies caused the economy to slow down or stagnate, the demand for energy went down. when demand goes down prices go down.

its not really complicated, but I understand that your ability to comprehend things is demaged by the defective liberal gene.

Your ability to spin shit is enhanced by all that Faux News Kool-Aid.

stating facts is not spinning. would you prefer the lies spouted by MSNBC? At least Fox gives a voice to both sides.

 

[edthecynic]

Except the economy is growing and demand is increasing. The Saudis are flooding the market with reduced priced crude to cripple the shale production in the US and Canada. Shale production is only profitable when crude is over $80 a barrel. WTI is at $77 a barrel and has been as low as $75 a barrel.

Oil Price Fall Threatens US Oil Production

Oil Price Fall Threatens US Oil Production By STEVE AUSTIN for OIL-PRICE.NET, 2014/11/04

A falling oil price is good for the US consumer and good for the US economy. Transport costs feed into the price of every physical product, so if oil gets cheaper, everything gets cheaper. If the oil price falls too far, however, the USA's recent fracking boom will come to an end. Forces are at play to end the USA's projected energy independence and return the country to dependence on the Middle East for its fuel supplies. The USA's long-term key supplier, Saudi Arabia, doesn't want to lose grip on its best customer.

High-tech US oil producers need $80 per barrel to be profitable. Saudis need only $50.

take the taxes off US produced oil and we would be competitive with the saudis.

Typically taxes are on profits not production so if they were selling at or below cost there shouldn't be any taxes. I am not a tax expert so feel to correct me if I am wrong.

Crude Oil Production Tax

Thanks, less than $5 per barrel when a barrel sells for $100.

times hundreds of millions of barrels. it puts a lot of money in the federal treasury.

True, but eliminating the tax does not bring the price per barrel for shale oil down to a point where it would be profitable at $50 per barrel, the price the Saudis said they would sell crude at to put the shale producers out of business. The Saudis are still making a profit at $50 per barrel, their total upstream costs are $16+/barrel, whereas US shale is $75, Off shore crude is $51+, and on shore crude is $31+.

How much does it cost to produce crude oil and natural gas - FAQ - U.S. Energy Information Administration EIA