I personally don’t care why the price of oil has decreased so much, other than the fact that it hurts Iran, ISIS, other unfriendly countries, and Russia.
The Saudis are threatened by those countries, not fracking in the U.S. The Saudis did not have to drive the price down to the current levels to combat fracking. They would have accomplished that at $60/bbl.
The Saudis, along with their allies, UAE, Qatar, Bahrain are now surrounded by their enemies the Iranians. Iran will soon have nukes and ballistic missiles. They are trying to slow down Iran’s progress and hurt them economically. They are scared.