[trumandogz]

Funny, nobody in the media ever mentions “conservation” as one cause for reduced demand or “Drill Here, Drill Now” as a cause for the bursting of the oil bubble.

I am not an economist but somehow I doubt that people chanting "Drill Here, Drill Now" caused a decrease in demand for oil in China and India.

However, with oil at under $50,00 there will be little incentive to expand E&P in the United States.

[misterrob]

And also a great time to start buying oil again for when it goes up. Oil will likely languish in the $40 range for quite some time but eventually it will come back.