[Numbers Guy]

Fine, that means Iraq will no longer be a member of OPEC and can use its production to break the cartel.

[Reeses]

$22 to $28 range

The historical average price of oil is in the $19 range. OPEC is going to be hard pressed to keep oil prices that high during a world wide economic slump, and with Iraq coming online first at 3 million barrels/day.

[kinghorse]

The US is tied up because deflationary oil prices will ruin many loans made by the multinationals. The salutory inflationary effect on the US economy (driven by demand arising from more non-discretioney energy dollars being freed up on the consumer) will serve same multinational banks because it will help to stop the death spiral in interest rates. Remember, low interest rates are useless if no one is borrowing. And no one is borrowing right now because there aren't any good returns on projects to be found. It should be interesting. Personally I don't think enough things have been destroyed or able bodied male workforce displaced (as reservists) for a period sufficient to revive the slack demand economy. My prognosis. More war.