[Mark17]

There are sure a lot of people in the press rooting for higher oil prices. I’m rooting for low prices. It’s helped me out a lot, thus far!

How did the "global economy" survive, when oil prices were low enough, that gasoline was 30 cents a gallon?

[Eric in the Ozarks]

I predict $1.36 gasoline within a month...

[Bloody Sam Roberts]

How did the "global economy" survive, when oil prices were low enough, that gasoline was 30 cents a gallon?

Because cost of leases, equipment, drilling and labor were also ridiculously low by today's standards. The cost of doing business was low by today's standards, thus were retail prices.

[Future Snake Eater]

How did the "global economy" survive, when oil prices were low enough, that gasoline was 30 cents a gallon?

I believe there's been a tad bit of inflation since then. A scintilla, really.

[dalereed]

“How did the “global economy” survive, when oil prices were low enough, that gasoline was 30 cents a gallon?”

Because of inflation that 30 cents is now over 3 follars.

[wiggen]

Companies didn’t undertake projects where it cost as high as $80.00 a barrel to bring the oil up. The bigger corporations didn’t have to borrow but the smaller ones did in quite large sums. Now many hedged production by selling oil on the futures market so they locked in higher prices. What you have is a slow motion collapse the longer it stays low.

[Smokin' Joe]

How did the "global economy" survive, when oil prices were low enough, that gasoline was 30 cents a gallon?

That silver quarter with that nickel (or three silver dimes) is worth a lot more today, too, but chances are the car the gas went into cost under $3,000 new.

[Vermont Lt]

If you are seriously asking that question, it is clear you do not understand how this whole thing works.