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

Yeah that website sucks and totally misattributes O&G as the reason for the recession. That was more of a demand caused phenomenon than a supply-caused one.

There is a really good article in WSJ this AM for those have a subscription (any smart, cool person uses this for their news). It confirms a lot of what people believed to be the case. The Saudis are concerned they are losing market share. If OPEC cuts production, other market participants such as Russia, Venezuela, and Nigeria can not be trusted to go along with it. So cutting production would hurt them, and they have the war chest to sustain fiscal pressure for the next 2 years while companies slow down production in some of the least economic areas of the Bakken, etc.

To the point of the website, no, we are not facing a recession as a result of this issue directly. However, people would be remiss to discount the huge impact the shale boom has on our economy, and the Fed has already revised down projections of growth for 2015 as a result, so it is a bad thung net-net for errbody.