Lemme know when it's back to $30/bbl

Oil extends its slide on signs of demand slowdown
By MADLEN READ, AP Business Writer
11 Aug 2008
NEW YORK - Oil prices finished at a new three-month low Monday after briefly dropping below $113 a barrel mark, as the dollar extended its rebound and more signs emerged that China's energy demand could be leveling off

Recall: When W took office, oil was trading at about $32/bbl.
As recently as Jan '08 everyone was wondering if $100/bbl was possible.

Yes - $113/bbl is cheaper than $140/bbl... but does anyone think it'll head BELOW $100/bbl anytime soon?

Aside: If on 1 Jan 2003 we'd offered to buy all Saddam's oil for $90/bbl - about a 200% mark-up over then-prevailing market price - we'd have spent about $540Bn to date - about the same as the direct cost of the war... AND WE'D HAVE THE OIL! We could have simply GIVEN IT to W's oil-patch buds! [The computation assumes Iraq's pre-war output to be 2.5Mn bbls/day.]

Stop the madness!