I just wanna say that 2 months does not a bubble pop make. Sure oil has fallen $60 since the peak, no dispute. But that peak was reached when people still thought that the USA would just sorta limp along till 09 then get back to growth, while the rest of the world would keep on going at breakneck pace.
Needless to say this is no longer the consensus viewpoint, and as such the perception of future demand is significantly lower. Lower demand is bringing us lower prices.
Couple this with the realization that the rest of the world isnt immune and the dollar is still the reserve currency of the world, not the Euro, and most of the drop can be explained without anything to do with bubble talk.
