Abstract: An eddy current coupling with an electrically controllable field current is used to rotatably connect a drive motor to an oil well pumping mechanism where the eddy current drive speed is controlled to a reference speed using a speed feedback control system and operation can be limited in torque output by a torque feedback control system. In a first alternative embodiment, the eddy current coupling output speed is controlled by a stroke modulation unit using a first selected speed for the upward pumping stroke and a second selected speed for the downward pumping stroke. In a second alternative embodiment a controller is used to select torque or speed control for the upward or downward .pumping stroke.