re: The Last Time The Price Of Oil Crashed Like This?

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The linked site makes it seem as if oil caused the economic crisis in 2008.

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The credit default fiasco hadn't quite hit yet and the only thing that could have a significant effect on the O&G field was Bush's removal of the administration's barriers to offshore exploration/drilling.

To put it into perspective, from February - July 2008 the price of oil spiked from a price of $98 to $145. That's a jump of roughly $40 in 5 months. Prior to that it took well over 5 years for the price to go from $50 - $98. Then in July it began free-falling for the next 6 months where it went from $145 to $37. Barring world-wide cataclysm, there is no discernible reason for simple supply/demand to cause such astronomic changes in such miniscule amounts of time, especially when that drop happens during the peak of the summer driving season.