"Why Saudi Arabia’s Quest To Prop Up Oil Prices Is Failing"

"An early glimpse of the turn in the oil markets came last August. Thanks to a recovery in the shale oil drilling business, the French company Vallourec started rehiring people it had let go at its Youngstown, Ohio, steel pipe factory.

'We have kept contacts with people even if they were laid off,' Vallourec chief executive Philippe Crouzet said. 'We are calling back those former employees and training new ones.'

Ten months later, crude oil prices have tumbled more than 20 percent, with the strong rebound in the U.S. shale oil drilling and production among the reasons for the decline.

As a result, gasoline prices are hitting lows at the start of the summer driving season, a time when increased demand typically bumps up the cost of gas."

Steven Mufson reports for the Washington Post June 21, 2017.