Oil prices wont stay low for long

Oil prices peaked out in July 2008 at around $147 a barrel and slipped to $32 a barrel in December 2008. For several years since then, they remained around $100 per barrel. It is possible that oil prices will go down again and I don't rule out this possibility. However, it may not stay there for too long like in 2008 when we dropped to $32 levels. The equilibrium price is somewhere between $40 and $70 per barrel. Below $50, there will be very little exploration.