I remember a time similar to this for oil in 1998. IIRC, the ragheads were trying to put offshore drilling out of business.
Did a little research and found the price traded down to $10ish per barrel back then. Adjusted for inflation that would be about $15 now...so that could potentially be where prices bottom out.
As discussed before, the big boys will buy existing fields from the leveraged companies and add proven reserves to their portfolios where synergies converge for them.
