By the way, Rush Limbaugh nailed this over a week ago, explaining that the Saudis are targeting USA shale oil production, flooding the already glutted oil market by maintaining their current (high) levels of production. I think all of this present gloom omits one key and ever present factor in the Middle East: Chaos and War. Like the weather in Florida, things will soon change.
OPEC Policy Ensures U.S. Shale Crash, Russian Tycoon Says
"OPEC policy on crude production will ensure a crash in the U.S. shale industry, a Russian oil tycoon said."