End Saudi Arabia’s Double Games

Not so long ago, Saudi Arabia told the OPEC cartel that it wanted to maintain unlimited oil production. Its explicit goal was to drive down the price of oil in the hopes of breaking the back of the U.S. fracking industry before its productiveness effectively destroyed OPEC’s dominance of the global energy sector.

By driving prices to extremely low levels, Saudi Arabia and its cartel partners have, indeed, harmed – and even bankrupted – some of our fracking companies. Others, however, are holding their own. And millions of Americans have benefited from attendant sharp declines in gas prices at the pump.

Meanwhile the Saudis have caused grave collateral damage including: bankrupting Venezuela’s economy; undermining Russia’s GDP; and, irony of irony, forcing oil-rich Saudi Arabia itself to seek multi-billion-dollar loans.

If the Saudis now want our help, they must end their Islamist and economic double-games.