The purposeful destruction of crude oil by the Saudis is huge news. Already into the 60's no telling how low crude will go. Larry Kudlow indicated that some frackers are in at $45 per barrel cost wise. That may be a Que as to where crude will wind up, hard to say.
Reasons are as you pointed out in addition to knocking off the US and the rest of the world from endless fracking which would destroy the Saudi monopoly on crude.
Endless fracking maybe, but the oil will still be there. I don't mind that we use up Saudi oil as opposed to our own as long as it is cheap.
I do hate to see any of our economy suffer so with a new Congress perhaps we can ease off some of Obama's/Left-wing/Econut pressure on those doing fracking, if possible. I'm not sure what such regulations add to the cost of oil extracted via fracking, but if it's like anything else in government regulation; probably a lot!