[thackney]

Did the oil industry expect this downturn?

I have not found any reliable reports prior that indicated it was coming. I see little actions in the oil companies behavior that indicated they did, just the opposite for many.

If not, what unexpected event triggered the unexpected downturn?

Supply grew faster than demand.

Or conversely, what blinded the industry to this possibility?

The possibility of oil price crash always exists in the industry, always has. No one of real experience would claim differently, except to pump up stock prices and investment...

[urbanpovertylawcenter]

I remember $140 oil and if the oil billionaires were very very careful they may still have some cash reserves left over.