[re_guderian]

Originally Posted by mustardfj40

Do some reading dude, are you ones of those typical american who spend more time at the sport channel :

Oil prices plummet $7 on spreading economic fears - Yahoo! News

Again as I said, it's speculation and the fall of the dollars...

I don't watch sports. (and I get my news from MUD). I pulled some EUR/$ and historical oil price data. Year over year shows some interesting trends. 2007, and up through April of '08 shows real good correlation of oil and the $ decline, but then in Apr the correlation shifts dramatically and is less correlated. Based on $ decline only, I estimate price should be around $115/bbl (using the '07-early'08 data). So, the other $30 is speculation? When it comes to oil, you can read too much, as most people don't seem to have any data to back up their whimsical, flip-flop, headline-of-the-day op/ed piece...

edit: - > and $6 isn't much of a "plummet" given the recent intra-day and day-to-day variation in the price of a bbl... "Plummet" these days in oil means that the previous day's high will be seen in a matter of hours (OK, maybe a day or two)