In June 2014, a barrel of oil cost $115. Currently, it goes for about $60. The historic plunge continued Monday as Saudi Arabia made clear it had no plans to cut production in order to prop up prices.

This week, the Wall Street Journal told more of the incredible story behind the recent oil bust. Contrary to what some say, the Saudis are not letting prices fall to crush the new crop of North American shale producers. The reality is more subtle. The Saudis and the Organization of the Petroleum Exporting Countries’ other Arab members have accepted that with U.S. production expanding so rapidly, U.S. shale operators will benefit from any OPEC production cuts by gobbling up more market share and cashing in on the higher OPEC-set prices.