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Oil Prices Down As Saudis Slash Price Of Oil Sold To U.S.

Oil workers are seen at the Khurais oil facility in an area where operations are being expanded, about 60 miles southeast of Riyadh, Saudi Arabia, Monday, June 23, 2008.  (Hasan Jamali/AP)
Oil workers are seen at the Khurais oil facility in an area where operations are being expanded, about 60 miles southeast of Riyadh, Saudi Arabia, Monday, June 23, 2008. (Hasan Jamali/AP)

Saudi Arabia has dropped the price of crude oil that it sells to the U.S.

This move drove prices down to their lowest in three years. Saudi Arabia is the biggest producer in the Organization of Petroleum Exporting Countries (OPEC) and members are reportedly in a price war due to a surplus of supplies.

Slate reporter Jordan Weissmann joins Here & Now‘s Jeremy Hobson to talk about what’s behind the Saudi move and what effect it may have on the market.

Guest

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