Sinking would be around $30.00/barrel. It is still way too high.
The longer it stays high, the closer we get to an alternative that will keep oil at $30 a barrel permanently.
Too high for what?
I think the speculators realized that Iran was blowing smoke up everyones butts to raise the price. Probably doing it to hurt Bush.
That find by chevron in the gulf really put the nail in the RATS coffin. Oil will be 60 a barrel by the end of next week and 50 a barrel by the election.
1.75 a gallon gas? Bush's fault!
I'm no investment adviser, but breaking a price-support barrier, like the 200-day moving average, just might trigger a sell-off by speculators. I think that the expectations of speculators is one of the components of the recent price volatility. Take that away & the price might fall by a significant margin.