One chart from Goldman Sachs shows why the oil industry is trapped

After collapsing to start 2016, oil prices have climbed back in recent weeks to nearly $50 a barrel. This has some observers hoping that continued strengthening in prices can help shore up the economic futures of oil-producing areas.
Goldman Sachs, however, has a chart that shows why that optimism may not be warranted.
Essentially, the global industry is trapped in a vicious circle of production at lower and lower costs that will continue to feed the oversupply of oil and keep prices in the curr