That the Kingdom is floating the idea of a Saudi Aramco IPO speaks volumes to the magnitude of the issue, though. Mauldin et. al. hold that the Saudis didn't lower production precisely because fracking costs more than Saudi oil, but that the Saudis miscalculated poorly enough on the fracking breakeven that now they're trapped in a death spiral. The number I heard was $50 a barrel yet here's breitbart claiming $25. $40 a barrel killed the fuck out of arctic drilling. I guess $20 kills tar sands. So I don't know that I agree with the "price floor" metaphor. Better to say that the lower prices go, the more suffering certain geopolitical players face. Russia at $120 a barrel sure ain't fighting ISIS. Saudi Arabia at $80 a barrel isn't executing Shia to prove they're in control. They sure as fuck ain't floating an Aramco IPO. I agree with you on your main point - the article looks like an April Fool's spoof. I'll also paraphrase a quote from Winning the Loser's Game - "no one ever got rich predicting prosperity."