<blockquote>'An oil price drop to below $20 per barrel would be a shock reminiscent of the dotcom collapse in the late 1990s and the subprime mortgage debacle that produced the 2008 financial crisis -- both of which triggered recessions. Of course, oil prices would not stay in the $10 to $20 barrel range indefinitely; recession would squeeze out excess energy production and prices would recover, likely to the average cost of new production. But the deflation that might accompany a worldwide economic downturn might mean the new equilibrium price for oil is between $40 and $50 a barrel -- well below the $82 average in the first half of this decade, and lower than the assumptions in the business plans of energy producers.'
- A. Gary Shilling,
Oil Is Still Heading to $10 a Barrel, June 28, 2016</blockquote>
Context<blockquote>
'..a 30-year bear market..''..deeply flawed policies that have so destabilized global finance..'</blockquote>