I think unconditionally you could call this a crisis in the sense that the price of your product has decreased by roughly 50%. There's almost no other way you can slice that.
In terms of what the Saudis are doing, I think it's the most talked about non-action that we've seen in global oil markets. They really haven't done very much. You talk about 400,000 barrels a day. That's a rounding error essentially on their production. If you look at most of what we talk about in terms of global oil production increase, it's not coming from the Saudis. It's coming from the small producers in the U.S. It's coming from our producers, etc.
I think what the Saudis would rightly see is that their ability or the OPEC's ability to wield their market power now is reduced by the fact that you have this new technology that Mr. McLellan talked about. You can drill a well, bring a well into production, and produce half the oil it's ever going to produce in about the first 12 to 18 months. It's hard to wield market power in that world because you pull production back now, you let prices go up and all of those rigs come back to activity. All those wells come back online, etc., so it's just a different environment for OPEC to be in. What you see from their actions is that, if anything, they're being less aggressive. They're not really flooding the market with any new production.