|Saudi Arabia is not exactly having a good year. This was especially evident last week.
First, Congress overrode Obama’s veto of the bill letting Americans sue the kingdom for its alleged role in the 9/11 attacks. Then, they finally decided to give up its two-year war on energy producers in America by announcing that it was prepared to cut oil production by half a million barrels.
The Saudis thought that they could collapse America’s fracking industry by pumping oil and keeping prices down. They didn’t count on the American ingenuity. Instead, as reported on OilPrice.com, “Saudi’s entire economy is collapsing” — and they are desperate to push oil prices back up again.