The ExxonMobils, the Chevrons, I mean look, those are companies that literally have more revenue and assets than most countries on planet Earth. 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. 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. (04:39–04:46)
CLAIM
Asserts that $40 oil prices would lead to bankruptcies among small producers in the Permian Basin.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
