Ann: Colorado Update, page-24

Oil price is due to a 1-2% supply differential. Production and exploration falls as soon a prices fall. Prices initially recover 50% and eventually massively overshoot by 100-1000% as supply shortages occur.

IMHO anyone who says prices are staying low has totally ignored the entire 150 year history of oil. I wouldn't be at all surprised if oil is $80 by Xmas and $150 by 2020.

DYOR

Note: the global oil price was fixed by the Texas Railroad Commission from 1917 until the late 1960s. This explains the lack of price movement. Since 1973 prices have been extremely volatile.