Now the dust from the Shock & Awe of the 30% drop in oil prices has started to settle, two things are clear: (a) Saudi Arabia did not engineer anything (b) they don’t have a Machiavellian plan to stick one up the wildcatters in North Dakota, or the Russians…the Iranians…the Venezuelans, or even the genius from the Daily Telegraph who was bemoaning the fact that if oil prices go down it will be hard to import inflation into U.K. Here are five good reasons why they are going to pass on the opportunity to slash their oil production by 30% so that other OPEC members can cheat and make a windfall, like they all did in 1987/8. 1. Read My Lips Since oil prices jumped from $80 to $110 in early 2011 the Saudi’s have been saying, over, and over and over again, that oil was over-priced […]