I've heard (sorry no link) that US oil consumption is down 9%

Also, since americans are cutting back, China and Europe consumption is down

In addition, I feel the dollar is being supported in way I don't fully understand, but that depresses the Oil price.

I believe that oil will be back at record territory by next summer

Bob

>>>>http://articles.moneycentral.msn.com/Investing/Dispatch/market-dispatches-100908.aspx
>>>>
>>>>5+ Yr Low
>>>
>>>I'm waiting for the oil companies to say they are losing so much in investments that they need a bailout too.
>>
>>Kidding aside, oil is moving lower full speed. Gasoline price will break 2s in near-term, and windfall oil profits disappear. Oil producing companies will do fine, but oil refiners can be squeezed out of business.
>
>But what about the excuses about why oil prices went through the roof earlier in the year?
>
>World consumption outstripping demand!
>
>Too many Chinese!
>
>MidEast tensions!
>
>Declining production!
>
>No refineries!
>
>The locust plague (well maybe not yet)!!
>
>Thank God they weren't just raping the public.
>
>They must be in dire straights now.