Oil falls free

I think we can officially say there was a sizeable speculative premium in oil, given that major troubles in one of the world's major oil-producing regions did little to halt its fall.  On the other hand, if that speculative premium was $40--the mid-to-high range of analyst estimates--then we're close to having wiped it out at this point.  Don't start pricing minivans just yet.

This article available online at:

http://www.theatlantic.com/business/archive/2008/08/oil-falls-free/3957/