Me thinks they need the money, war and a socialist economy are expensive........................
"to 10.3M barrels a day in March, the highest in at least 12 years, and intends to keep producing 10M bpd despite low crude prices. Oil minister Ali al-Naimi believes that oil will rise in the "near future" but even if it doesn't, some expect the kingdom to hold firm until the slump in crude forces U.S. shale plays into bankruptcy."
This deserves a bump. An pipeline for the 437,000 bbl moving east every day by rail would be huge to Bakken producers. It could easily add $10 per barrel net in higher prices to the bakken producers
From the Oil Dispatch
In January, producers in the Bakken shipped an average of 437,000 barrels of oil to East Coast refineries by rail every day, or roughly the equivalent of 6½ trains each day.
West Coast refineries received an average of 171,000 barrels a day of Bakken crude by rail, or about 2½ trains, in January.
Market conditions are the primary reason that Bakken crude heads east and west as producers look for the best price for their barrels, Kringstad said.
The East Coast, a major consumer of crude oil with refineries set up for the Bakken’s light, sweet crude, lacks pipelines to transport the crude, he added.
Dem's say the Bush Iraq war broke our budget. Saudis will feel the pain as well. They have been sucked in and they will find it very difficult to get out