[jiggyboy]

If you’re saying that demand didn’t change much because of price, then I’d still want to see graphs showing how nearly equal production and supply were in the summer of 2008, and that was why everybody was fighting for the last tanker, which would be an astonishing coincidence with the known SemGroup disaster but an acceptable rebuttal.

Then I’d want to see how all of a sudden, again coincident with the SemGroup bankruptcy, and even as demand remained constant, the world was suddenly so awash in crude oil that its price collapsed by 80% in a six months.

[USFRIENDINVICTORIA]

A very small surplus (or deficit) can cause large swings in price — that's the very definition of in-elasticity. The world needn't be “awash in crude oil”, before prices plummet.