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It has very little to do with the oil companies and everything to do with futures. When oil hit it's peak, there was no supply/demand reason why it should have been higher than $70 something a barrel. The fact it went to twice that high was all do to futures trading. Now that the economy is in the tank consumption is down, the speculation on it is ending and the price has plummeted. The ironic thing is that all those guys who kept buying it and jacking up the price and making a fortune on it are now going to lose their shirt if they weren't smart enough to get out - and a LOT of them were not.
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