Saudi¬†Prince Alwaleed bin Talal said in an interview yesterday that “oil is never going back to $100.” ¬†Let me translate: “We are sick of Americans and Russians taking our market share, and we’re taking it back forever.” ¬†These were strong words from one known to publicly disagree with his government, and whose personal wealth has been estimated at over $20 billion.

Continued weak oil prices are seriously damaging US energy companies with companies like Breitburn Energy, Goodrich Petroleum, and Continental Resources among it’s biggest losers in recent months. ¬†I remain very bearish for several reasons…the Saudis’ apparent serious resolve to reset the markets, downward trend in heavy hydrocarbon demand, and the high break-even costs for unconventional resources. ¬†I believe we are in for a long haul here.

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