Gee Steve, what do you think oil was selling for when the pre-OPEC industry was jumping up and down to develop while spending several billions on an oil pipeline?  According to the Trends story in the link below, until OPEC crude was below $24, except for some wars.  
https://msuweb.montclair.edu/~lebelp/PSC643IntPolEcon/CrudeOilPriceTrends.pdf