(Fortune) The oil industry is going through its third crash in prices since the formation of the OPEC cartel. Many are wondering when the market will recover and what oil prices will be when it finally does.
The first price crash came in the mid-1980’s, a decade after OPEC’s formation. The second crash came at the onset of the Great Recession in 2008 when oil prices fell from over $100 a barrel to below $40. The third one is the present decline, which began around September 2014. What do the first two experiences tell us about how the present price collapse will play out?