You guys are missing the big picture here.
Do you think that Saudi Arabia wants to sell it's oil for 40-60 a bbl? They have the top oil economists on the planet on their payroll. They know that if they drive the price down to these levels, they can starve out our industry, and in 4-5 years have oil back up to $150 a bbl.
The Saudi's ain't gonna lose money in this. In the long term, they'll win. The American consumer surely isn't going to be the winner in all of this. Sure he might save some money on fuel the next year or two, but then he'll lose all that and more over the next 10.
The NA drilling/exploration was a chance to get a stable market price for oil. Once that's gone, you better be ready for fuel prices we haven't even seen yet.
