Have the Saudis Declared Economic War?

The global oil market can be maddeningly complex, but there’s a big reason why U.S. gasoline prices are falling faster than snow in the Colorado Rockies these days:

Saudi Arabia, which has a huge stake in checking the slide of Iraq into catastrophe, is hedging its bets against its rival Iran by refusing to cut back on oil production.

Captain Ed makes the case over at Captain’s Quarters.