They're that massive. So the majors will survive a drop. But what happens if we see $40 oil? You'll see bankruptcy, Bankruptcies throughout the Permian basin of the small producers occur if oil drops to $40. And when those guys go away, those are the guys driving production. And what it does is it weakens America's ability to produce oil and makes us more dependent on foreign adversaries. (26:48–26:55)
CLAIM
Asserts that small producers face bankruptcy with very low oil prices.
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