On the west coast, the prices were further driven low by a ban on the exports. When it was finally lifted, less than 5% of the Alaskan oil was exported for a few years before it stopped.
The ability to export actually helps stabilize the market including investments for future production. I wish those fighting the LNG exports could understand that.
The recession Bush inherited from Clinton was an orchestrated recession created by driving the price of oil so low the oil companies stopped spending, the oil producing countries were running out of money, royalty checks to property owners dried up, it was a complete domino effect. It wasn’t just this county, it was a worldwide recession.
Consumers in this country without a rat’s ass of sense thought low prices were great, not having the slightest clue how much the oil industry contributed to the worldwide economy.