Shale is not financially feasible when oil prices are low, that is why all those people in the shale oil industry were out of work when OPEC PURPOSELY drove the oil prices down. (Ethanol is also not financially feasible, when oil prices are low.)

OPEC controls the price of oil and they control their competition. Saudi's oil is more expensive because it is horizontally mined from sand, so they only lower the price long enough to drive the competition out of business and then they raise prices to make the sand mining financially feasible again.

What would you say if I told you a conglomerate formed by US oil companies used to own all the rights to Saudi's oil??