This is a far cry from my previous link when oil soared above $127. In fact after that, oil peaked at $147. An amazing price. Since then prices have plummeted as global economies have slowed tremendously. Gas was at $2.08/gal this morning. A level I have not seen since the beginning of 2005 (and briefly in 2006).
Interestingly enough, OPEC is seeking to increase the price of oil this time around, in order for member countries to continue operating under their opulent, populist budgets. So much for price gains being driven by speculation any longer. Now it’s just plain oil cartel, socialist government greed.