The fall in oil prices have been hogging business news in recent weeks. Prices of oil counters have plummeted accordingly, with some currently trading at single digit historical P/E. From a value perspective, the most important question is whether low oil prices are here to stay, especially with the advent of shale gas. Not everyone would be familiar enough with the industry to make a sensible judgement (including us). As such, we thought it might be useful to present the results of our fact-finding research, and leave the judgement up to you. Historical Oil Prices A snapshot of oil prices in the last 50 years. These are adjusted for inflation based on January 2014 prices. A graph alone is hardly useful; here are some figures that you should note. Energy Industry When we talk about oil, we are actually referring to the petroleum industry. The petroleum industry is just one ......