. Of course, it also helps that consumers are using less oil and oil based products than they were previously.

To say this is to suggest that the problem was more than psychological. The facts dno't seem to bear this out. As of the time that this price spike started, the US already had 15% more in the way of both crude and distalates such as Gasoline, Diesel and so on, than they'd had since they started keeping records of such. Clearly this was not a price spike caused by a shortage of product.

That's excluding what we know of oil deposits of shale and so on.

We wont see oil prices back in the $50 to $60 range, but I wouldn’t be surprised if they drop a bit more.

Frankly, Steve, I'd be shocked if they didn't. Indeed; They might not get to $50 or $60, per se'... but I see that as a function of inflationand the relative strength of the US dollar, as much as anything, and suggest that we will see prices drop down that low again, inflation adjusted assuming we're smart enough to start drilling here in the US... not to increase oil supply so much as to get the trade balance numbers back in line so as to make a stronger dollar.