The Jan ’09 contract hit a high of $148.35 on July 11th. Just quoted at $48.60, it’s making new lows everyday.
Over the summer the media was SCREAMING about high gas prices, and auto dealers were flooded with oversized trade-ins at rock bottom prices. Oil executives were marched into Congress at gunpoint to explain.
Call it an oil bubble, or the Yaris-Mini-Smart-Rio-Fit-Elantra-Aveo-Versa-SX4-Astra bubble. Either way, the media is now decidedly mum.