Our perspective is so short term that we keep thinking that despots and regulators hold sway. Despite their best efforts, the free market works and a true price will win out, but not without cries of disparity, demagoguery, wringing of hands and down right cheating.
The market always over-swings in both directions during a correction. It’s wonderful to catch it before it swings back.
Is this the free market or is it a game of "chicken" by the big guys as they try to force out the competition? I know nothing, but couldn't this lead to turmoil in emerging nations that depend on that oil revenue?