Where did you get the idea that the Saudis are dumping oil on the market?, they cut production by 1/2 million BPD several months ago and are still at a multi year low of 9.5 million BPD. Saudi Arabia has long been more focused on maintaining market share and leadership in OPEC than in the price. I still work in Saudi as I have for many years and the rig count and activity levels are at an all time high in an effort to maintain production and replace reserves at least at current production levels. The Saudi industry is right where the US industry was in the early 90's, the easy pickings have been plucked, for the next several years it will be a scramble to apply the current and improved technology developed in the USA both in exploration and reservoir management. The current oil glut or increased supply is courtesy of good old American ingenuity and capital investment, the American consumer is currently getting a price break thanks to the boys in Houston, not Dhahran.
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Today's Featured Article - When Push Comes to Shove - by Dave Patterson. When I was a “kid” (still am to a deree) about two I guess, my parents couldn’t find me one day. They were horrified (we lived by the railroad), my mother thought the worst: "He’s been run over by a train, he’s gone forever!" Where did they find me? Perched up on the seat of the tractor. I’d probably plowed about 3000 acres (in my head anyway) by the time they found me. This is where my love for tractors started and has only gotten worse in my tender 50 yrs on this “green planet”. I’m par
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