Houston went through a devastating recession in the 1980s as the price of oil plummeted and 220, 000 jobs were lost.

FORBES: While Rest Of U.S. Economy Plods, Houston Gets Hot

Iran's oil exports have plummeted more than 50% as has the value of the rial, Iran's currency.

CNN: STORY HIGHLIGHTS

With environmental costs and legal risks rising, share prices for some oil companies have deservedly plummeted.

FORBES: Go Offshore With Canadian Oil Sands

Even by announcing nothing at Jackson Hole, the dollar plummeted and oil caromed higher.

FORBES: Bernanke Plus Obama Equals $5 Gas Post Election

These and other punitive measures blissfully ignore the lessons learned in the 1970s and 1980s, when Washington monetarily harassed the oil industry: Investment plummeted.

FORBES: Magazine Article

In that report, the minister suggested that oil revenues in the country plummeted 40 percent, while gas and gas products' export revenues fell by 45% compared to the same period last year.

CNN: Iran's oil revenue problem