Quit worrying guys!There is huge volitility and a huge drop in price of oil for sure!
But really this is all politically and it too will pass, once unknown objectives are achieved. Yes I believe one of the objectives is to bring the price down to slowdown and/or stop the increasing supply of oil in N.A.
All oil companies are in the same boat, except for The Saudius and their boat isn't much different due to promises made to their public to share the wealth. Which to me is akin to them having to payout a very large dividend to keep the people from killing each other.
So what does it boil down to?
IMHO management of oil companies are going to be earning their keep in the coming months. I don't believe demand will drop much if any. Smaller expensive producers will likely be pushed to the brink of bankruptcy. The larger oil producers will need to provide a United front to meet the challenges of lower oil prices. How they accomplish that is yet to be seen and will depend on the perceived solution to low oil prices. Pretty much ALL new oil is expensive, think Baken, Oilsands, Brent Sea, North Sea.
So a solution will be forced upon them if they can't make a profit. Which will likely lead to large reductions in Capital Expenses, as who's going to spend their money on wells that are not profitable?
The inevitable result will be a reduction in output and an increase demand as users gobble up cheap oil products.
So in the interm, buy small amounts of shares on dips, in mid and large cap oil stocks that are low cost producers, like CPG, BTE, etc. or get out now if you can't handle the carnage.
thats my 2 cents worth :)