OPEC has asked the U.S. to stop producing so much oil, according to a report Thursday. Saudi Arabia is not enjoying free markets and the shale energy revolution.
CFACT energy policy advisor Marita Noon reports that, having failed to destroy U.S. oil and gas producers via increasing its own oil production, has now signed an OPEC agreement to cut back production -- largely because the artifically low price of oil was hurting producers worldwide.
American oil production is threatened by enemies within and without.
Oil prices at the pump fell hard, then began creeping back up -- even though crude oil prices have not rebounded. One reason is an explosion at an ExxonMobil refinery in California that has bumped that state's price by 20 cents a gallon, but if the steelworkers union strike expands the impacts could grow . Meanwhile, the Saudis, who concocted the scheme that saw the dramatic drop in prices, are happy to see the rise in the price at the pump.