You heard wrong, Saudi Arabia is only producing around 9.5 million BPD equivalent, about 10% less than there 15 year average and roughly 75% of available capacity. Saudi Arabia still has the lowest lift cost in the world, they don't have any ''debt'' to service and they can maintain their welfare state on $20 oil. The real reason crude prices have dropped is because th US oil industry is the most efficient and productive in the world and demand has dropped because the world economy is basically in shambles, the US economy has been artificially propped up by QE and the results of the discontinuation of same is soon coming home to roost.
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Today's Featured Article - Product Review: Black Tire Paint - by Staff. I have been fortunate in that two of my tractors have had rear tires that were in great shape when I bought the tractor. My model "H" even had the old style fronts with plenty of tread. My "L" fronts were mismatched Sears Guardsman snow tires, which I promptly tossed. Well, although these tires were in good shape as far as tread was concerned, they looked real sad. All were flat, but new tubes fixed that. In addition to years and years of scuffing and fading, they had paint splattered on
... [Read Article]
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