(Financial Post) All politics are local, except for oil politics.
The Russians think these low oil prices are an American-Saudi conspiracy. American commentators believe that the Saudis have driven down prices to punish North Dakota's shale oil revolution and drive its high-cost producers out of the game. In Canada, the paranoia in Calgary is that the Saudis and other Gulf oil producers want to drive the oil sands out of business.
But what are the Saudis up to and are they powerful enough to control prices? This week the Saudi minister blamed low prices on oversupply from North America. But that is simply trash talk.
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