The Saudi's say they are trying to protect their market share. I honestly don't understand how this is in their best intrest. They are heavily invested across the market and are deeply involved in international banking as well. With a huge drop off in the price of oil like this it causes ripples across the market and does no one any good. I hope they cut back soon or I fear the damage will not be able to correct itself. Once that happens highly leverged oil companies will fail, Junk bonds will fail, banks already weak from the damage in 2008 will fail and a international collapase won't be far behind. I have to believe the Saudi's understand this and are just flexing their muscles. If we had a strong knowledgeable President he would have thrown up Tariffs right away to protect our domestic market and allowed us to commence export of our oil. This *** clown might actually be part of the root of this BS price drop. I've heard he requested OPEC increase production to help drive down gas prices to help his Democratic cronies mid term elections runs.
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