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Capitalism in the raw

You can’t help smiling sometimes, if it were not so serious.   We are told that Saudi Arabia, the OPEC leader, vows to maintain oil output even if the price hits $20.   That is a really inflammatory statement if ever there was one.   Previously the Americans have always looked to Saudi, which produces 12 million barrels per day (mbpd) to calibrate production up or down in order to keep the global price of oil in rough equilibrium.   For the first time Saudi/OPEC are defying the US, and instead of limiting oil output they have adopted a new policy of defending the cartel’s market share at all costs.   The are angered, rightly so, by the Americans’ point blank refusal to play their own part in limiting oil production, particularly the colossal surge currently underway in US shale oil production.   This is the classic capitalist ramp.
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