At least 77 North American energy companies have declared bankruptcy since the start of 2015, following the collapse of oil prices. Oil and gas companies have defaulted on $26 billion in debts this year, according to Fitch Ratings — a figure that already surpasses the $17.5 billion total for 2015.
Saudi Arabia recognized the threat to their monopoly and control of fuel prices, so they pumped as much oil as they could to drop world oil prices, putting their competition out of business. A classic monopolist move.
If the Open Fuel Standard had passed when it was in Congress, the Saudis' efforts would have not damaged the U.S. at all.
The goal of genuine fuel competition in America remains as important as ever. It will simply have to be achieved by other means.