With oil under $80.00 per barrel, they can seriously screw the US fracking industry because every barrel that's fracked at these prices is a big money loser for US oil companies. At some point, they'll have to shut it down because this isn't sustainable.
Most fracking is done to extract the Natural Gas.
The oil itself is a "by-product", and not really the reason for drilling and fracking
Claiming the market is "false" is, well, FALSE