When you factor in Irans entry into the international oil market you'll see why markets are jittery. Iran claims cost of extraction in it's central oil fields to be $1-$1.5 per barrel with total production cost averaging $5 with the costliest production resulting in about $10 a day. They are planning on pumping 500K bpd in the short term with a projected increase in the coming years. OPEC led by Saudi Arabia is not keen on tightening it's supply. I for-see a situation of below $50 2-4 years if all factors remain as stated above. In the short term,only two occurances can sharply increase the price: A geo-political dispute/war in the oil producing regions or OPEC reducing supply.

so how much money were making when the oil was at $110 . Mind boggling

Won't stay low for too long. Only Saudi Arabia and Kuwait can produce a barrel for less than $10. Another low cost producer is Iraq at $10.70. All other producers need higher prices to survive: USA-36$ Canada-41$ Brazil-49$ UK-52$ And even the low cost producers need higher prices to fund their budgets. Saudi Arabia, Oman and Bahrain would run out of money in 5 years if prices remain under 50$. I would give it a year at most before prices are back up, at least above 55$.

Won't stay low for too long. Only Saudi Arabia and Kuwait can produce a barrel for less than $10. Another low cost producer is Iraq at $10.70. All other producers need higher prices to survive: USA-36$ Canada-41$ Brazil-49$ UK-52$ And even the low cost producers need higher prices to fund their budgets. Saudi Arabia, Oman and Bahrain would run out of money in 5 years if prices remain under 50$. I would give it a year at most before prices are back up, at least above 55$.