The crucial number, is not the official oil price – nobody pays that. The number to watch is the total value of shipped oil.
This explains why Saudi has been so keen to agree quota cuts – it can't sell even then reduced quotas. The volume of oil has crashed quicker that is reduced production can track.
The world now knows how to do energy production from regular water.
1 H2O+TU->2H++O2++4e- so the plasma smashes matter into ions and free electrons.
2 16O2++4n0 ->8H++6e- so the oxygen end up as hydrogens, and free electrons
3 H++e- ->n0 all those neutrons come from the amalgamation of hydrogen ions and the free electrons
4 H++r n0 ->Er3+L+X-ray so all the matter ends up as free heat, light and X-rays
No solid, hyper toxic radioactive waste. With 64 times the thermal efficiency to toxic uranium fission. So massive free, clean heat.
Uranium fission is so toxic, it needed 40 billion pe rplant since Chernobyl. 100 billion since Fukishima. Not available – so it bribes its regulator, to allow the most toxic process known to man, to still operate.
Lightening does Molecular Nuclear Fusion, but H fission is twice as energetic. So 2.4MW from a 1m x1cm steam plasma. So 48 will drive a 100 MW power statrion – as against 320 metal oxide fission tubes.
And we produce no solid, radioactive waste. The value of oil is now below its value in the oil crisis. At $52 a barrel, they are shipping only 10% of the volume of oil.
So all the world is using the electrics from a fluorescent light, to fire up a steam plasma tube – which self sustains at 4 atmospheres.
A 1m row of oil or gas burners only produces 45kW. Our steam plasma tube 8.4MW. And it uses so little regular water. 7x10-18cc to run a 100MW power station for a decade.
A 25x1cm steam plasma tube will drive a super car – no petrol or diesel. Never needs filling up. Oil is sort of dead. Saudi Arabia will twitch, as it heads to economic bankruptcy. First country to EVER go broke.