Sounds boring doesn’t it?
As you rejoice at running a V8 at 4 cylinder prices, have you thought about what happens on the other side of the coin?
As the price drops, the cost of getting more out of the ground does not. There comes a point where they close the rigs until the price rises to the levels of 6 months ago.
Every oil producing nation is hurting without the oil tax revenues. Who will be first cab off the rank to restart production when the price rises?
As soon as the world economy tries to grow rapidly again, we’ll discover that oil will quickly go through two to possibly three complete doublings in price due to supply issues. Those oil price spikes will collide into that tower of outstanding debt, making the economic growth required to inflate them away a lot more expensive.