[Pearls Before Swine]

The cure for low prices is low prices, but it takes a while.

Oil demand is around 92 million barrels per day, rising at about 1.5 million bpd per year. There's overhang from Iran, and lots of fracked resources. But, cost of production is a factor over time. Look at the graphic below. If oil prices stay low, the higher cost types of production stop.

[ckilmer]

agree. oil prices are very elastic. it may take a year or two or more but eventually but demand for oil will pick up significantly in the face of lower oil prices.