What is the outlook for prices?

Executives say they think it will be years before oil returns to $90 or $100 a barrel, which was pretty much the norm until the price collapse in late 2014.

But after the oil price recovered from below $30 in early 2016 to over $50 by the end of the year, there was rising confidence in the industry that crude could rise to $60 a barrel or even higher later this year. That confidence was shaken by a price dip in early March, but most experts say they think oil and gasoline prices will recover during the heavy driving season in the summer.

Nonetheless, the oil markets could be poised for another wild ride, with Wall Street and academic analysts predicting a price of anywhere between $40 and $70 by the end of the year. Wide swings are possible, if not probable. Political and economic upheaval in a major oil-producing country like Venezuela could cause a price spike.