1) Feedback loops that lead to oil prices drop below the cost of production

Oil price rises or spikes from blockage of straits of hormuz, exports decline (ELM), Saudi Arabia and/or Middle Eastern high decline rates,  China and India can afford high prices more than developed world can, etc.

Consumers can’t afford this price

Oil price falls to lower than the cost of extraction, especially where the cost is high like the US and Canada

Oil exporters suffer because they can’t collect the revenue they were depending on

Which leads to uprisings in the Middle East and elsewhere

Artificially low interest rates go away

Tax rates rise

Oil falls in value as do other asset prices (stocks, bonds, homes)