Subtract anywhere from 10 (spectulator suggestion of what they’ve added to the price of oil) to 70 (what a lot of economists think speculators have added to the price of oil) from the current price.
So 130-lets say 50 to be fair = $80.
Still high, but the dollar is low right now so $80 would be fair market with a weak dollar. Bump the key rate half a percent, or wait for the EU to drop their rates to battle their growing economic problems and it would fall even more.
We’re setting up for another big hit to the economy because the margin requirements on futures contracts are almost non-existant. Double the requirement and you’d see oil drop at least $30 overnight. I don’t think it would even need to go through Washington because it’s something the mercantile exchange could do. But of course they’re not going to do it because investors are making money.