Just to clarify: Of course there is a glut of crude oil supply above ground. What I meant is this: It is a consciously created oversupply, that leads to the completely false impression, that “the world is drowning in oil”. On another note – oil is a high stake poker game, whose rules are not known “by the peasants”.
Of course oil prices cannot be brought down by mere “paper games” – this is not possible, not even with gold. Oil is a consumable commodity. So you would have to get the Saudis (and others) on board to “open the spigots”.
But – if you follow the publicly known rules of the game, this would be another nefarious thing to do for the Saudis. It would mean, that they are selling 159 litres of high quality, low sulfur crude for 66 USD. Take a step back and think about it ! It would mean to squander (even more) of their remaining legacy resources. How could they dare to show ever again their faces in the presence of their children ?
Maybe the rules are not what you think they are. What if oil is being paid with (access to) gold – at least partly? What if Saudi aristos can be “protected” by another gang as well, not only by the US navy ? Against ISIS for example !?
As Donald Rumsfeld has mentioned (in 2003 I think): There are lots of known unknowns and unknown unknowns. Not exactly for the US government, but for us, “the people”.