"A year ago SST had a piece on oil prices at the height of the Libyan revolt. There were all kinds of theories expounded on why oil prices should escalate beyond reason. It is time to look back and see what really happened during the last year. Using WTI one month futures at Cushing, OK as a base, the price was $94/bbl a year ago. It is $87 today. The highest price during the year was about $110 (caused by the usual geopolitical crap in the Middle East) and the lowest $78 (caused by a temporary glut of oil on the US Gulf Coast due to a refinery startup failure)." R. Whitman
