Where did you get the idea that the Saudis are dumping oil on the market?, they cut production by 1/2 million BPD several months ago and are still at a multi year low of 9.5 million BPD. Saudi Arabia has long been more focused on maintaining market share and leadership in OPEC than in the price. I still work in Saudi as I have for many years and the rig count and activity levels are at an all time high in an effort to maintain production and replace reserves at least at current production levels. The Saudi industry is right where the US industry was in the early 90's, the easy pickings have been plucked, for the next several years it will be a scramble to apply the current and improved technology developed in the USA both in exploration and reservoir management. The current oil glut or increased supply is courtesy of good old American ingenuity and capital investment, the American consumer is currently getting a price break thanks to the boys in Houston, not Dhahran.
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Today's Featured Article - A Belt Pulley? Really Doing Something? - by Chris Pratt. Belt Pulleys! Most of us conjure up a picture of a massive thresher with a wide belt lazily arching to a tractor 35 feet away throwing a cloud of dust, straw and grain, and while nostalgic, not too practical a method of using our tractors. While this may have been the bread and butter of the belt work in the past (since this is what made the money on many farms), the smaller tasks may have been and still can be its real claim to fame. The thresher would bring in the harvest (and income) once a y
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