200 sounds great for oil companies, 150 sounds better, for my interest in buying gas at the pump. Dubi(spelling?)is building like there is no end to the oil boom, Russia and China had American engineers work on improving their operations, more oil is found daily. I would expect to see the bubble burst spilling oil on the world in the near future. Iraq has to be up grading their oil service, What was Bush doing asking the the Arabs to increase production, he should have gone to Iraq and personally opened the spicket wide open. There is a little politics going on. Iraq has to be taking in the big bucks.  two yrs ago at election the price droped before election, and went back to riseing as the election took place??  I wonder if this will happen again. China could be ready for a down turn, any one know how their stock mkt is doing. look back at the Japan mkt after it had a run to 37,000? nothing goes up forever, the shorts have to come out eventually.

Which has more bearing on the price of oil for us, the fact that the dollar is less and less of value or the supply/demand curve? I know I know, its both....but everyone I talk to (very rural south) goes with the supply/demand argument and thinks if the supply were turned up the price would drop. I like that train of thought, but what really makes more sense is the value of the dollar being less and less. If the dollar is worth less then you have to give more of them to purchase the same stuff (barrel of oil). Has the price of gas gone up equally around the world? I don't know but I don't hear/read about that. It seems to me that we need to get the dollar working for us again (ie, stop printing it like its going out of style) and that will help everyone. 

So let's go out and start BURNING dollars to get them off the market....hey, lets start up a company that uses a dollar-fired furnace to generate electricity!!! Brilliant!!! Just back up your truck load of dollar bills (any denomination would be fine) and dump them into the hopper. Just keep a few so that when they're almost all gone the few you have left will be worth a FORTUNE!!! 

Send those excess $$s to me, I promise to burn them for all who participate, no need to have several fires, global warming?  the $ is the problem, globalization its called? the need to bring our economy in line with Canada and Mexico. funny how it hasn't hurt oil company excutives, just the workers. what the heck they can retire some one will work for the the lowly $s, even if they come here illegal. the cost around the world couldn't be the same, emerging economies wouln't have the base wage to support our price. the supply/demand theory will work out as soon as the price is set. than that bubble will burst?

Well ...

That takes us through the trendline ... seems as if an intermediate term top has been put in ...

I wouldn't be surprised to see us trading in a range now for a few months ...

Maybe with a bottom at least as low as $122 ... maybe lower ...

Well ... 

I see it like this ...

Crude has traditionally traded in the 8-10 bbl/troy oz Au range ...

So ... in order to restore that ... oil is going to have to move lower ... or gold higher ...

I'm betting that they find a place to meet in the middle ...

I continue to believe that crude going to $122 is virtually a foregone conclusion after breaking the trendline ... (my wallet hopes very much that I'm right) ...