A coworker of mine said last week that oil prices might get as low as $15. I denied this would happen, arguing that prices wouldn't fall below $40. Well loyal reader, here we are with oil at $36. Yeah, that sound you heard is my jaw dropping. What will this mean for the industry? Well, you're going to see a lot of paring down on unconventional plays. The Middle east has already slashed 4.2 million barrels of production since prices started dropping, but the world has pretty much shrugged off this gesture. We haven't heard from Chavez in a while, other that the fact that PDVSA is offering contracts to foreign investors, they pretty-please-with-sprinkles-on-top promise to play nice this time. Back in July, when oil hit $147, I remember distinctly the fear was that we couldn't get oil on production fast enough. Five months later, producers are kicking themselves for having flooded the market. E&Ps seemed so optimistic for 2008 back at the end of last year. Now many of them are dreading if they can even stay alive by the end of 2009. –Stephen Payne, Editor, Oil and Gas Investor This Week; www.OilandGasInvestor.com; spayne@hartenergy.com