This article http://www.theglobeandmail.com/servl... bolsters your argument that prices are up everywhere, not just in the US due to devaluation of the dollar but I think the synergistic argument has merit (dollar down + supply down >= double trouble).

The thing is with this "The sheer magnitude of the recent spike is impressive. Oil is up nearly 50 per cent this year and 85 per cent in the past two years. And adjusted for inflation, oil has never been this expensive." where is the money trail ... is it going to the sources such as Connacher?

As a long term investor I'm not that concerned about the short-term drop. I explain it to myself that first of all I may have been correct about the buyout rumors having driven the price up and it was possibly poised for a resulting pullback (wish I'd listened to my own advice), and also possibly due to the TSX manipulation theory. But with the strong increases in the price of oil, it's still surprising the SP has pulled back this far. I think it's majorly over-corrected at this point and am eagerly awaiting 2nd quarter earnings ... July?

-bbq