This article should read oil prices dropped slightly as Traders took profits and wait for more bad news so they can start the cycle again.
You're right, of course. I also think T. Boone Pickens ( some love him, some hate him- I'm neither, but he knows the oil market as well as anybody ) was right when he summed it up as testing whether consumers would sit still for $3.00 a gallon gas. Apparently they will. Dammit.