The market is utterly myopic like our worthless leaders. These “low” oil prices are going to lead to a supply collapse. This is destroying most new exploration and the viability of alternatives leaving us with wells and regions that are mostly in decline or have very little spare capacity. Unless anybody can tell me how we are going to deploy a few hundred million electric cars in the next year or two we have a big problem. Oil will spike again long before this recession/depression is over probably sooner than anybody thinks. Price will overshoot down and snap back up causing and ever more so chaotic world.

To put it another way, if the market was so smart wouldn’t prices be higher?