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Although I would be surprised if US foreign policy didn't play into it, I don't think the argument that Saudi Arabia is soaking their competition is a farce. If prices rise, newer extraction methods in the US and Canada are viable, and given a foothold, there may be economies of scale and infrastructure that will bring them down over time. It's quite possible that the Saudis have more than one reason to keep production high, and that synergy might be why prices have fallen so very low.