I respectfully disagree. I believe the fundamentals of this downturn are significantly different than previous downturns. I only came to the oilfield in 2012 and I’m not familiar with the dynamics of previous downturns but I am familiar with what drove the price of crude down, therefore eroding the GOM industry.
Quick summary is two things; #1. New technology, specifically horizontal fracking resulting in # 2. The U.S. becoming one of the top producers of energy in the world. I don’t believe we’ve ever exported energy (not sure on that) and don’t recall our energy reserves ever being maxed out to the point they are now.
So…this isn’t a case of OPEC price manipulation and has a lot to do with the two points previously mentioned.
I’m far from an expert in global energy so I might be off on some of my points but it seems between alternative energy and the surge in U.S. production that’s enough to make my point stand.