Do they even control the barrel price or does NY? I would say this is like the housing bubble. We have people making money on speculation, but the shorts will rear their head.
It's speculators driving the price now. I've read where there's plenty of oil, and refinery's are fine. You may be right about the bubble, but to be honest, I think if OPEC even gets a whiff of the price dropping they'll just cut production to prop it right back up. Hence them saying they were leaving production flat for now 'til after the election. that to me is the biggest tell, their ability to say they'll hold out for the next president.