14/01/2015 (Anadolu Agency – Turkey)Saudi Arabia is targeting its competitors in the market by using its low cost oil production, and is putting them under pressure like U.S. oil mogul  Rockefeller did more than a century ago, according toenergyexpert. ” Saudi Arabia is giving ‘a good sweating’ to its competitors in theoil market, like Rockefeller did in the past,” Andrew Holland, an energy expert at the Washington-based American Security Project, told The Anadolu Agency. Between 1870 and 1890, John D. Rockefeller, the American oil magnate, dominated the U.S. oilindustry to make his company, Standard Oil, a monopoly by pushing its competitors out of the market with low oil prices and high oil supplies. “When other companies were making too much money, Standard Oil would flood the market with oil, and give what Rockefeller called ‘a good sweating’ to other producers,” Holland said.  ” Rockefeller and StandardOil knew that it could survive low oil prices much longer than their competitors could,” he added…

 http://www.aa.com.tr/en/headline/450052–saudi-arabia-sweating-competitors-like-rockefeller-did

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