What Causes Booms and Busts in Heavy Oil?

At a recent technical meeting, someone at my table expressed the unhappy opinion that the whole oil industry is just smoke and mirrors, with little actual intrinsic value. I disagree. Our end products can be put to very good use, and there are many dedicated workers. But I do feel that the historic booms and busts in the heavy oil industry have been harmful to both the reputation of industry and to workers who found themselves in the wrong job at the wrong time. I hope this article will stimulate thought, conversation and eventual action to dampen the effects of future cycles.