The EY report, Resilience in a Time of Volatility: Oil Prices and the Energy Industry, focuses on the future of oil prices. This is a question that has industry experts and industry watchers searching for answers. Supply is up, demand is down, and it appears that some of the conditions that created crude's rapid price slump in late 2014 could remain in place for some time. Of course, the oil and gas business is no stranger to the market's ups and downs. The boom and bust cycle is one that industry veterans know all too well. But this time around, many are questioning the conventional wisdom that US$50 to US$60 a barrel is an aberration and that crude prices will soon return to the US$80 to US$100 a barrel range. the industry's recent success in applying advanced technologies and pioneering processes to find and produce oil both conventional and unconventional has produced substantial supplies, even in challenging geopolitical conditions. Is the industry's innovation and creativity responsible for the state of the crude market today? Has the industry become a victim of its own success? In other words, is a world where oil is plentiful and relatively inexpensive the new normal?

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