The recent slackening off in crude prices is probably being driven by demand destruction. Americans are using a 2003 level of gasoline in 2008. They are furious with their elected representatives over high prices. Don’t expect relief to be forthcoming. In Businessweek, the Saudis are lying about their ability to goose production. More about the latest oil shock.
Update: Crude is back up $5+ (over the $140 level) today.