12/12/14 - 10:16am
Survivor’s guide to low oil prices here on the peninsula: For those of you who were here during the mid-1980s, you know the drill. For those who weren’t, let me tell you what’s getting ready to happen so that you can avoid financial ruin.
In around 1985, Ronald Reagan asked the Saudis to start pumping oil as fast as they could to bankrupt the Soviet Union, whose production costs are substantially higher than the Saudis. The Saudis obliged and it not only caused the dissolution of the Soviet Union but it also brought the US oil industry to its knees.