If I'm not misunderstanding this (and maybe I am, I'm not claiming to be a major economics expert) it's good evidence of the very severe inelasticity of the demand / supply relationship.

Small excess of demand over supply = disproportionate price hike
Small excess of supply over demand = disproportionate price drop

I see it as an illustration of the extreme dependence of the modern economy on oil.

The foreseeable future looks like this to me: every time the economy starts expanding "healthily", that only lasts until the demand for oil exceeds the supply for a while, and energy prices then proceed to skyrocket, inducing another recession.

We will lurch from crisis to crisis, with the inexorable shrinkage of supply over the long term, meaning booms getting shorter and weaker, with recessions getting longer and deeper.

I wish I didn't think this, but I do. :[

Regards Chris