naked capitalism: Saudi Arabia Surrenders To U.S. Shale.

In the '70's, we would have been thrilled. Today, this empowers the 'drill baby drill' ethos. We in the West have to redouble our efforts to prevent our beautiful landscapes from becoming apocalyptic petrochemical wastelands. You wondered why so many pipelines in the news of late? It seems banks and others read this writing on the wall, a couple of years ago.

If any of your fellow amateur pundits say they 'saw' this eventuality, you can safely kick them in the arse. Noone thought the US shale outfits could avoid widespread bankruptcy. The banks have extended credit durations for far longer than they ever would have for an average citizen.