Saudi Arabia, our ally, is working hard to completely destroy the U.S. Shale Oil industry, as well as the Russian Oil industry, and every other oil producing country in the world.
The cost to produce oil in Saudi Arabia is about $6 a barrel and they are taking this opportunity to undermine everything. Only Iraq is close in cost to produce oil as the Saudi's, and the U.S. has worked to make sure that Iraq is not a threat to the Saudi's.