stockpkr: Good post. I would add that the big dogs like OXY will swoop into the Permian and Baakken regions and scoop up weak competitors. Companies like OXY could come out of this very strong. Over the longer run, oil will return to $100 and beyond.
In the meantime, electric and ngas and solar are gaining ground. In the long run, oil will be around, but the percentage of energy generated from oil will be significantly lower than it is today.
Only a minority of people in this country are as enlightened as I am about the root cause of the shortage of energy, and water, and other natural resources--overpopulation. www.negativepopulationgrowth.org
Unless the world gets its population under control, you won't recognize the planet in 100 years.