This really is significant. This is the biggest drop in a number of years. The prices are testing a key support number, $129 a barrel. If it breaks down below $129 and then below $125 a barrel, we are likely to see prices in the $115 to $120 a barrel sometime next week.

A month ago I posted this…

Have Oil Prices Peaked?

For all of the reasons there as well as the intense public pressure building to remove the impediments on domestic oil sources. The President has revoked the executive order prohibiting off shore drilling, it is only a matter of time until Congress is forced to do it.

We are not likely to see the low prices we saw in the 1990’s but the intense upward pressure seems to have subsided, at least for the moment.