Everything is temporary. In the marketplace, high demand and low inventories caused prices to spike The high prices caused people to speculate and increase inventories. Now comes weak demand with high inventories, and naturally prices will fall.
US oil production is at all time high. The Libyan unrest caused disruption of production of high quality light Libyan oil.
This is of course good news for consumers; bad news for oil/energy companies.
Experts: Oil Prices May Have Further to Slide
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