This is from the NY Times in 1987 (via marginalrevolution: http://marginalrevolution.com/marginalrevolution/2016/01/wednesday-assorted-links-42.html):
“Competitive markets will induce more production and a gradual shift in production from high-cost to low-cost regions, producing prices conservatively estimated at $5 to $10 a barrel. The so-called oil glut of 1986 was not an anomaly. It was symptomatic of a permanent ”oversupply” that promises to exert unyielding downward pressure on oil prices.”
By the way, the lowest struck put traded so far is the August $10 put… The put with the most open interest is the December 30 with around 53,000… (as of yesterday)…
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