Maybe even 60's. I remember when it was in the 10's before oil was used as investment tool. We have more oil now than we did 30 years ago. Robert Prechter predicts oil will drop below $10 a barrel in the next 8 years. Robert is the Elliot Wave guy. $10!!!
do you notice that whenever US oil drops to the low 90's and Brent drops to the low 100's, there is an immediate tendency for oil to then hold or rise ?...that's because the Saudi's, Russian's, etc. need a certain level of revenue to finance their country budgets and US producers need a certain price level to afford continued drilling (= producing)...they can all simply reduce production/drilling activity to bring down supply and the price level back up, as necessary...Mr. Prechter might be right in some theoretical vacuum but the world of oil doesn;'t operate that way and for him to suggest that it does means he's not really qualified to speak about it
I believe you are correct. Fracking isn't profitable if oil drops too much. Furthermore, a lot of the offshore projects will stop, too. So, I don't think we will see oil below $80, it just cuts production way too much.