https://twitter.com/ErikSTownsend/status/1245984137040797696
It really does require explanation. Those facts are real and I agree with them. But they do not belong under the category of Oil Economics 101.
Oil Economics 101 would state that you don't extract oil if it costs you more to extract than to sell. It would state that there's a very limited time frame in which any actor could keep that up just to accomplish strategic goals. It would also state that the strategic goals are short term at best, since even if Russia puts Saudi Arabia out of business their oil is not drying up.
Oil Economics 201 would state an axiom that oil prices will always spike before long, because production is such a volatile business. If I were to fly a drone into that area prices would double. So no matter what the facts are, we know what the long term price trajectory is, as long as we can manage to stay solvent.