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 - Women and Tractors - More Views From the Farmer's Wife - by Teri Burkholder. The top ten reasons why the judges wouldn't let you participate in the stock antique tractor pull: Hey, this is stock! It came with that V8 in it! That "R" on my tires stands for "really old" not radial! Blue gas? We thought it was a pretty color! What wire hooked to my throttle?
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