Are we going to see a repeat of the 2008 oil price collapse? It is still too early to tell, but, clearly, something is moving in in the oil market: something big; as I discussed in a previous post.
If prices really collapse, the consequences could be devastating for the profits of marginal producers, especially for "non conventional" resources such as shale oil, tar sands, heavy oil, deepwater and the like. Unless the dip were to be very short lived (as it was in 2008), it would necessarily result in a fall in the production levels. That would be, of course, a disaster for the world's economy.
The oil drama is playing in front of us: we can only watch as it unfolds.