The Saudis can afford to keep pumping until all the competition goes out of business. They are engaging in economic war and the American public is acting like sheep enjoying the low prices. I hope everyone is socking away all the money we are saving. We will need it when they swing the price in the opposite direction.
If we were smart and had a unified political front we’d impose a tax (~$1.00 per gallon) on gasoline to bump up the price and use the funds for alternative energy projects or infrastructure repairs.
Tens of thousands of workers are being laid off and we, the fortunate ones still working, are paying their unemployment and other benefits. Meanwhile the Saudis keep pumping.
It is estimated they can keep it up for 2 more years before bankrupting themselves.