Yep, this is caused by lessened demand- caused by lack of economic growth- caused by the advance of socialism.
Of course at some point we could support oil prices by removing navy assets from the Straits of Hormuz.
Suppose neither supply excess nor demand reduction took place in the time period relevant?
The more theories I read, the more this looks like simple supply and demand. The canary has been telling us that the world economy is weak. Any one producer, even the Saudis, would be foolish to try to move the market. This is not 1986. Saudi surplus capacity is now comparatively tiny and they have ramped up social expenditures to nose bleed territory over the intervening decades. The Saudis know that very well. U.S. Shale oil half-cycle costs are under $40 and any production shut in would be restored quickly if prices rise again in a year or so. Anyone in this environment thinking that this is a game of chicken is doing a disservice to their country or their stockholders.