Until the front months stop leading the way down, crude still wants to go lower.
Energy EfficiencyWe get so much more GDP per barrel of crude oil now than we did in the past. Every one of our automobiles gets better gas mileage than they did in the past. We heat our houses with less fuel than we did in the past.
Everybody is depressed because crude is collapsing and you are just getting baby and bathwater being tossed out all at one time. That will end in the not-too-distant future