The King has fallen? The end of Saudi Arabian dominance in petroleum?

Yesterday we reported on this:

Lex Anteinternet: Petroleum. Happy Days Are Here Again?: Is it back? "Oil, that is. . . black gold. . . Texas Tea. .  " Well maybe.  It's sort of looking that way. Oil is ho...

Also, yesterday, the New York Times reported:

HOUSTON — A substantial rise in oil prices in recent months has led to a resurgence in American oil production, enabling the country to challenge the dominance of Saudi Arabia and dampen price pressures at the pump.

The success has come in the face of efforts by Saudi Arabia and its oil allies to undercut the shale drilling spree in the United States. Those strategies backfired and ultimately ended up benefiting the oil industry.

That would be, quite frankly, a huge American victory and a major defeat for the Petroleum Kingdom if its correct.

And it very well may be.

All throughout the price collapse of a couple of years ago was a thesis, but not the only one, that the drop in price was an effort by Saudi Arabia to crush the American petroleum industry, resurgent on technological advancements and increased prices.  If the NYT is correct, and it very well may be, this is a huge development. The potential end of OPEC dominance in oil, and a new, middle price, regime in the petroleum industry with the United States and Canada as major petroleum oil powers.