It wasn’t that long ago, 19 years to be precise, when the average oil price was $11.91 per barrel (WTI). Are world conditions such that we could see that price again? Everyone said that oil prices would never fall into the $20 range, but 14 months ago oil prices hit a 14-year low of $26.21 per barrel on February 11, 2016. Are we, or better yet, can we really be looking at the same world conditions that drove those 1998 oil prices down to record lows that almost equaled the 158-year average annual oil price of $11.22 per barrel (WTI)? The answer is “it depends”. I’m not saying we could survive today at that level for any extended length of time, but conditions are ripe for low prices and long recovery times, unless oil exporting countries learn some valuable lessons from their not-so-distant past, including the past couple of […]