Yes because they were ruining opecs market share. Fracing completly changed the oil game but even with this it only cut into less then 20 percent of the world oil output. The saudis drowned the market in oil to shut down north american oil production because overhead for fracing and s.a.g.d work has way higher overhead then work in the middle east. They also didnt beg they warned them but we didnt listen because greed is such an amazing thing isnt it? America isnt even to be expected to be a net oil exporter until the mid 2020's from what i remember reading anyways, they are not considered one now. Getting off topic anyways but the crypto currency venezuela is trying to market for petro dollars isnt going to work anyways for the reason i explained earlier; the usd is tied to petro they dont need some shitcoin getting in the way of american interests.