Long Term---rather than being in the camp of demand destruction, I believe we will be facing supply destruction---(read Simmons, the OilDrum, Export Land Model)

Short Term-- While we all agree that the central banks and the Fed are manipulating the dollar and gold/silver. Therefore, how about the hypothesis that there might also be a concerted effort to manipulate the price of oil? There are many theories as to oil's meteoric rise this year. Why not simple theories about the current drop as well----that go beyond mere 'demand destruction'? In the Globe & Mail article referred to by gold777, its Iran who is crying about oil prices, and so they should for without higher oil prices, Iran has less money to fund their actions and policies. Isn't it possible that we have a two-fold action going on here? A falling oil price helps buttress an already anemic US economy in time for an election choice, while also reigning in the amount of money Iran and others can accummulate for their agendas. Just a thought..........