A funny thing happened on the way to world economic dominance by that oil cartel, OPEC. And that is capitalism and the innovation that this "greed" begets has reared it ugly head and is sending many of these OPEC members squeeling for cover. Saudi Arabia, the elephant in the OPEC room, suddenly realized that oil-well fracking in the United States had become a strategic threat to its dominant hold on the energy markets and so decided to flood the world with oil (at least not cut production during a period of oil oversupply) in order to upset the shale-oil economics ... see the very insightful: UK Telegraph Article.
I suggest a careful reading of the previous article for it clearly illustrates how the fat, dumb, and happy OPEC cartel ... plus Russia ... had thought that they had the rest of the world by the short hairs ... and could have their way with us. Oops! They forgot that the ingenuity of free men somehow has a way of dispatching tyranny (and even the oppressive energy policies of the President of the United States.) And, as a consequence, most OPEC members, having ignored the fundamental advantages of capitalism, now are suffering as much or more than the targets of the Saudi's actions, the U.S. oil frackers. Even Saudi Arabia itself will start hurting if it keeps on this pricing pressure for any lengthy period of time. Sob! Sob!
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