Brent crude had closed out the previous month at more than $105 a barrel, only a little off its summer peak. But even as GE managers were speaking, a long slide had begun. By the end of October, oil had fallen below $100 a barrel. By the end of the year, it was under $80. A year later, a barrel of Brent crude cost less than $50—less than half the price at which GE had just assured its investors that all its plans for the oil business made financial sense.
