Oil Drops to $78 a Barrel from High of $144

The media is saying that oil is down because the market is down, but more trusted sources say that the stockpiling that occurred earlier this summer, driving the price up to $144 a barrel, is now flooding out into the market.

OPEC is calling an emergency meeting to see if they can stabilize oil prices.

Although the market is tanking, it will return - as it did after the great depression, after the Dot Com crisis, and after 9/11, it will return. In the meantime there is sweet justice in the fact that oil has dropped almost 50% (gas is $3.03 a gallon in the town I'm staying in tonight) and that the stocks that the sheiks had invested in are also down.