The last time and only time oil dropped this low and this fast was in 2008. We ended up with an economic collapse and voted in a messiah!
2008 was a year of a significant run up and then down of gasoline prices:
Average price of one gallon regular unleaded in the USA
Jan 7, 2008 $3.11
Mar 31, 2008 $3.29
July 14, 2008 $4.11
Sept 8, 2008 $3.65
Dec 29, 2008 $1.61