RE:RE:ti for tatI think it is worthwhile noting that the average decline rate on new oilfield is just over 6% a year. That means oil is a non-renewable resource that is being used up fairly quickly. There may be oversupply now, but this won't last.
I also believe this whole price drop is cooked up between the Saudis and the Americans. Yes, the two countries many see as oil price competitiors are actually working together to squeeze good ole Vlad Putin. There will be pain in the US oil sector but this, coupled with the current sanctions, are going to bring Putin to the table and prevent further issues in Eastern Europe. If you look back, you will find Reagan did the same thing to win the Cold War. He had the Saudis pump and pump and broke the Soviets.
Welcome to part deux.