World’s oil supply on the brink of being permanently damaged at these prices

The price for a barrel of oil is dancing in and out of the $20 range, the first time since 2003. And the analyst chatter is reveling in its bearish tone, skeptical of any meaningful recovery anytime soon, even after today’s half-hearted OPEC announcement.

“I think it’s a competition to see which pundit can justify a lower price for longer,” mused a friend of mine.

“I agree,” I said nodding with a wry smile, “the one-upmanship – or one-downmanship – reminds me of bad reality TV. But the consequences of all this spreadsheet jockeying go far beyond counting barrels and price forecasts.”

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