Meanwhile world wide demand is ramping up again. That is the determining factor here I believe. Conventional oil will take a lot of exploration and drilling to replace diminishing reserves. Shale oil can ramp up, but again they deplete rapidly requiring an ongoing massive capital investment. Oilsands Mines have an initial high capital cost, but when your reserve life index is 50 years and your production can stay static (barring plant mechanical issues) you're going to make money overall.

So it won't be long before we exceed $80 (2-3 years IMO).