An alternative title - US hubris

Low oil prices are just a temporary phenomenon so I wouldn't get to excited about it

Sorry Crowie, but you've missed the latest find in Canada, or new reserves that could easily rival those of the Saudis.

The Saudis are likely to continue to ramp up production to protect their own revenue base, and hopefully defer the development of the Edmonton deposits for as long as they can.

And given the shallow depth of some of those deposits, the price may need to hit $13.00 a barrel, if they wish to achieve that?

Particularly as oil and security are indubitably linked; and the Edmonton deposits can by transported over vastly safer land routes to American customers!

And we may have hydrocarbon reserves to our immediate north to rival Edmonton's, and only locked up due to the activities and advice of overseas based activists.
Canadian and American; even though our oil in common use produce 75% less carbon than that we import, or those produced in the Gulf or Canada.

Given the huge new Saudi rivaling discoveries in Edmonton, one can only see further price reductions, none of which hurt American economic interests or her friends or allies!

Nor would Saudi interests be served by higher prices that literally force the development of the huge new Edmonton reserves any sooner than needed, and as long as they continue to ramp up production, that prospect can be headed off until they can no longer ramp up production.

Clearly the Saudis can see the writing on the wall, and need to make hay while the sun shines; and indeed, invest any surpluses in non oil alternative export income earning investments, while they still can!

And huge new gas finds in China are not good news for Russia or a sabre rattling Putin!

Perhaps he could emulate the Pragmatism of the Saudis, and just ramp up production and thereby negate customer unrest, or effectively forcing them to find and use alternatives, such as massively cheaper homemade biogas!

Absorbing Georgia, will in no way assist his/Russia's preferred outcome!
Rhrosty.