But you see, it isn't even "oversupply."
Rather, it's "decreasing but not eliminating the artificial supply constraint."
Even today's prices are higher than they would be without the cartel.
That said, the world changed with the Saudi policy of letting prices go below our production cost.
Oh, dear, they'll sell us their oil for less than it costs to produce our own. I'm terrified.
And don't throw me in the briar patch, either . . .