Quarterly Conference Summary, page-72

The oil retraction is because the world has more oil than demand, it is highly likely there will be another glut unless they cut oil production. If every country produced what they had the world would be awash in oil. Prices only went up alot of late because of the Iran scare , which turned out to be an over reaction. Oil went up on speculation not reality.

There is also another very good chance of another recession just around the corner, so all this talk of a Rosey future is in doubt. Sxy have to do things sooner rather than later.