Originally Posted by eaglefly

Nope. The majority of the cost of oil is determined by how much excess oil the Saudi's put into the market. US fracking threatened their long term interests and so they dumped an excess in the hope it would drive prices down resulting in expensive fracking companies here going belly up. This of course, P.O.'ed the other OPEC nations as many of their economies are founded on petrochemical dollars and are going down the crapper themselves. Soon Iran will add more and thus the forecast is for even lower prices. Once enough US frackers flop, look for a resumption of high oil prices. The questions are how long that will take and who becomes collateral damage in that process.

It's another reason Iran wishes to destabilize the House of Saud and Saudi Arabia. They hope to become THE Middle East global player (and power) with an economic base with oil, a religious base with Shiite islam and a nuclear power. If they get there, it will reshape global economics and the balance of power.