Dan Dicker, energy contributor at TheStreet, talks with Rhonda Schaffler about the outcome for OPEC nations and particularly Saudi Arabia, should oil prices stay low for more than three years. Dicker agrees with several projections that show the Saudis running through their cash surplus in five years, should oil remain under $50. The problem, Dicker states, is that so many other countries are in even weaker financial shape than the Saudis and would face massive shortfalls much sooner, including some US allies. Even the United States, with its current record oil production of 9 million barrels a day, would face a severe recession from lowered oil revenue, should prices not rebound.
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