Who will survive and who will thrive when the oil price war is over?

For example, when Rupert Murdoch slashed the price of The Times of London newspaper in 1993, it sparked a price war with the Daily Telegraph that lasted a decade and roped in other “quality” papers in the U.K.

In the end, nobody really won, and perhaps least of all the Times. Its circulation increased over the decade, but it spent gobs to acquire those readers while other factors were overtaking the newspaper industry — such as declining advertising revenue — which eventually helped make low, low prices unsustainable.

The Times-Telegraph game of chicken is now ancient history, but investors might be seeing a similar dynamic playing out in what is today’s most relevant price war: oil. (by Joe Chidley, Financial Post)