Most of the corrections in the oil markets have been 50% or so, and rested on old tops for support...Thus this simple projection...Oil production didn't really peak and start falling in 1999, but that's the point where demand started to outrun supply, which is an early warning of flattening oil production...
The anticipated bottom in the price of crude on this chart historically coincided with a gasoline price in the range of $2.15 to $2.50 a gallon...I don't know and even doubt gasoline will fall that far, but we'll see....Either way, the price break will just be the calm before a much larger storm...
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