Read full story for latest details. : A few words from Saudi Arabia about OPEC and Russia pumping more sent crude crashing 8% in the span of just a few days. The dramatic sell-off wiped out a chunk of the recent spike above $70 a barrel that was driven by concerns about President Trump's sanctions on Iran. Yet the crazy price moves are unlikely to derail the years-long recovery for the American oil industry from the 2014-2016 crash, which wiped out hundreds of thousands of jobs and sparked dozens of bankruptcies.