OPINION:
OPEC and Russia are engaged in a furious production war, which has driven the price of crude oil down to $20 a barrel (“Oil price dives as OPEC, Russia fail to agree on output cut,” Web, March 6). Russia has amassed a reserve of cash and is in a position to continue this production war with Saudi Arabia.
The problem is that the United States’ horizontal-drilling and oil-fracking industry requires that the price of oil be in the range of $50 a barrel. At this rate, the industry will have to be shut down and go into bankruptcy, which would be a fatal blow to American dominance in oil production on the world market.
President Trump must infuse capital into the horizontal-drilling/oil-fracking industry now.
BOB JACK
North Las Vegas, Nev.
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