( http://oilprice.com/Energy/Energy-General/Why-Todays-Oil-Bust-Pales-In-Comparison-To-The-80s.html )

So, to compare the current situation of world oil markets to that of the 1980s is wrong. The crude oil market overhang 30 years ago was 14 million mmb/d. Today it ranges from 1 mmb/d to 2 mmb/d, depending upon which data set you are reading. While the high inventory levels of the 1980s did indeed exacerbate low oil prices for an extended period of time, that slump was caused by massive excess supply and inventories. According to this data, both situations are significantly better for oil prices today.