Why is that bad?
American Oil Investors, Engineers, Drilling companies, and wildcatters won't even bother to get off their ass if the cost of crude is over $100!
That is their bottom line and cutoff point.
It has been for about the last 40 some odd years!
We have the highest lift costs in the world.. usually between $14 and $26 a barrel.
Did you actually say that production costs hadn't gone up in 40 years?
The ONLY thing that has driven increased exploration and development is high prices.. If the ppb stays low for too long no one will bother.