It is absolutely incorrect to say they do not need the revenue, they have an economy based on oil, period, the government takes roughly 80 percent of revenues annually and leaves 20 percent for continuing operations. Of course they control OPEC, they are the largest producer but I can assure you all decisions favor themselves. As I have stated several times their strategy is one of maintaining market share, they are not interested in the lowest possible price but also they are not looking for the highest possible price either because they know the world economy can not absorb those price shocks. The notion that Saudi could break or seriously cripple the U.S. oil industry is frankly ludicrous, The US industry is dynamic in a way the the Saudi industry has never been and never will be. Producers and Drillers in the US can ramp up or down in short order and have done so many times over the years, that is the difference between state controlled behemoths and free enterprise. The current oil supply situation was born and bred in the USA.
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Today's Featured Article - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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