More likely the market is pricing in some refinery closings leaving more crude on the market. But that's a short term issue. If the world economy or the US economy strengthens, then crude should do better. Longer term, I doubt its an issue at all. Depends on your time horizon.
The oil doesn't go away. Some of the smaller companies may go away. Hero is going away. But Hero's assets don't go away. The oil or shale or gas or whatever the asset is doesn't go away. It simply waits to be exploited by someone else at some future date when its more economically sensible. So? In the longer run, what exactly did the Saudis gain by all this? They put some little oil companies out of business? So what? Could someone please explain the lasting effect of all this sturm and drang.
Simply awful, got out a long ago but feel sorrry for the people who stayed. Just shows to go you. Never listen to the talking heads on CNBC making a killing on the naive elderly looking to survive in a 0% economy. And now a 0% increase for SS. Just shameful.