Obama’s, Saudi Arabia’s beheading of U.S. oil will exact a heavy toll

The price of oil is sinking faster than the Titanic. The influence on it is Saudi Arabia, which has opened up the spigots, forcing down the price of oil to $50 per barrel compared to $110 last summer. The big winner in the crude sweepstakes is Saudi Arabia. The big losers are U.S. petroleum and shale oil producers.