Abramov says: “Market forces will ultimately regulate the industry in a very brutal manner, forcing massive ‘shut-ins’ [well closures] across the country before the market imbalance can improve.”
That’s why we use markets, right?
In slightly more detail. Anyone think of any answer to the oil glut that doesn’t involve shutting in wells? Starting with those with the highest production costs? At which point markets unadorned are delivering our desired solution, aren’t they?