[scooby321]

The world wide demand is way off

Saudis are pumping over 10 Million Barrels a day

More Oil is being found ( damn lies by environmentalist lied )

Hurricane season could make cost go up.

[woodbutcher1963]

There was a FR thread last week stating the Saudis goal was to drive the price down to $60/barrel and keep it there for two years. The effect would be to bankrupt Iran , Iraq and Venezuela.

The Saudis are much more afraid of Iran than we are. It is a Sunni/Shia thing. It would also shut down a lot of other competitors with higher fixed cost.