I think it was around 2000? When oil got down to around $14-16 a barrel that many people were saying the same thing. Oil prices would never get back up too high. I'd make a bet that when this slump is over the price will be higher than where it got up to after that. +$100.00 barrel. Buying somewhere around this point of pessimism will work out fine. Like buying banks etc just a few years back.