You may also have noticed that I have thought for some time that much of the price range that was achieved this last summer was the product of human herd behavior in treating this commodity as a "poker chip" in large scale and ever more complex Ponzi schemes.
We have probably not reached the bottom in the process of what is now quaintly called "de-leveraging" of those prices.
Down underneath the hot air and fluff there are prices for crude oil that are supportable on the basis of cost of production and transport plus a profit margin sufficient to cause producers to accept the risk involved in the "ahl bidness" as they say in the Permian Basin.
What is that price? pl
PS – Yes, you can throw in "Peak Oil" in your comment if that is soothing.