The drop is politically driven.  Trump had the saudi crown...

The drop is politically driven.  Trump had the saudi crown prince over a barrel and also played up the Iran sanctions. Continuous drop over 12 or 14 sessions in a row is not normal market conditions. Trumpy wanted the price down and he played it well. This is now good for the rest of the economy.  Americans believe cheap gas is their birth right. Also they draw down on their strategic reserves when they need to push prices around.  Oil and politics are inextricably linked, more so than other commodities.

The lack of capex over the last few years since oil dropped in 2014 is a big number. I heard Peter Botten speak at a luncheon and as he said " I don't know when but eventually the lack of capex will bite and oil will go higher. 

It has and no doubt will run again. Brent at mid 60s is a profitable business in any language. I remember when oil was 12 bucks a barrel in the 90s.