Remember. Just about every Democrats swore we could never drill our way out. They, their green backers, and the Obama Administration have done nothing but get in the way of domestic energy production they could not control. Thankfully, more than a few folks ignored them. And now the Saudi’s have opened the stops on oil production and gas, heating oil, and propane prices are falling. Why?
It all may be because Saudi Arabia has a strategic need to check Iran over its nuclear program and financing of Islamic State terror and to discipline Russia for its support for the Assad regime in Syria.
It’s also almost certainly a response to the great shale revolution in the U.S., which has slashed U.S. dependency on oil exports to 20% from 60% a decade ago.
A Chilean-based entrepreneur told IBD last year that the greatest fear of Saudi Arabia’s king was America’s shale revolution, which was cutting into Saudi’s role as the world’s swing producer of oil.
