I'm shooting too much from the hip.. so "I stand corrected" and thanks for pointing that out... thunk it was 60's but wrong... didn't look that up.  "whoopsie."

There's a lot of "angst" on Oil Companies cash flows so Hamm was probably throwing available $$$ at the fire... this break has lasted longer than he anticipated or he needed the $$$ (or both..)

No doubt that I'm presenting the bull case.. too enthusiastically..??  I remember the mid 1980's break.. that was a crash.. and this is getting there also.. but golly..  hard to buy into when you look at the numbers.  I think the main contributor is the Recession in Europe and now Russia slowing demand.. as DW11 points out below.. World numbers are not that much out of line.. this break in price just may do it...??

Also fighting in Libya last night burned up anywhere's from 850 k bbls to 1.?? myn bbls as one side torched a storage tank farm...  so it goes.  The crude oil market is a powder keg.. the fundamentals can look terrible.. and then BOOM something blows up.. in the Middle east and off you go..

What will happen next.??

Users in the US are fortunate that the Dollar is rallying and that we have fields like the Bakken online now.. this will not be the norm though.. as I point out above.  The Bakken buys some time.. but not a lot.  Flip side.. those estimates jump around a bit.. some fields are more prolific than estimated.. some are not.. ???  Kind of like a Crop report..  lol..  but time will tell.

later.