All of this being driven by speculation. Oil should be around $50.00/bbl max. I have noticed that dollar has given back most of the early summer gains.
Something is going on.
Goldman Sachs and the hedge funds, along with the major oil companies, are laughing all the way to the bank.
Not so loud, you'll stir up the DU crowd into chanting anti_Bush slogans again.
They and India are developing and the global supply/demand equation has changed.
While OPEC can get prices to increase by shutting production down, they can no longer exert enough influence on the global market to significantly lower prices.
Domestic exploration in the lower 48 is utilizing drilling rigs at a rate unparalled since the boom of the late '70's. The only catch is that about half of the drilling rigs in the world were scrapped when the crunch of '82-'86 hit, and few new ones are being built.