Oil is simply not worth 140/barrel! There has been demand destruction all over the market in this country, and it is visible everywhere. People are trading in their SUVīs for much more fuel efficient cars, we are driving now when we HAVE to, not when we WANT to. We had a decrease in demand over the Memorial Day holiday.....A DECREASE!!! Airlines are rapidly reducing routes, thereby using less oil! If it was worth 140, or 130, or even 120, we would not see all of these things.

Oil is where it is right now because of speculation. Two days ago oil was down over 10%, then some big mouth(who probably owns millions in oil futures) at Morgan Stanley gives his prediction that oil will hit 150 by July 4. Result....$11 gain in one day!!! This is the type of behavior that needs to be stopped. It is intentional and in my opinion criminal. If the government made it less attractive to buy oil futures as a safety net against everything you would see oil tumble and settle at around 80/barrel, which is where it belongs IMHO.