Washington is trying to drive down oil prices by flooding the market with crude but risks collateral damage to its own shale industry

The Long War: "U.S. powerbrokers have put the country at risk of another financial crisis to intensify their economic war on Moscow and to move ahead with their plan to 'pivot to Asia'....Washington has persuaded the Saudis to flood the market with oil to push down prices, decimate Russia’s economy, and reduce Moscow’s resistance to further NATO encirclement and the spreading of US military bases across Central Asia. The US-Saudi scheme has slashed oil prices by nearly a half since they hit their peak in June. The sharp decline in prices has burst the bubble in high-yield debt which has increased the turbulence in the credit markets while pushing global equities into a tailspin. Even so, the roiled markets and spreading contagion have not deterred Washington from pursuing its reckless plan, a plan which uses Riyadh’s stooge-regime to prosecute Washington’s global resource war."

The rest of the story:
The Oil Coup: US-Saudi Subterfuge Send Stocks and Credit Reeling by Mike Whitney (CounterPunch)
Stakes are high as US plays the oil card against Iran and Russia by Larry Elliott (Guardian)