The current price slide has nothing to do with over production. In the financial community, the current bromide is "reduced demand due to global recession". As soon as America starts bombing IRAQ, this will change to "fears of possible supply disruptions". Also heard on the radio today, "a victory in the war in Afghanistan could lead to an economic recovery".
An analysis of these takes would lead one to the following conclusion: 1) The financial community has an enormous proclivity for ridiculous platitudes. 2) While resembling a crack whore on Ridalin, the vacillation of energy stocks mostly benefits the traders of Wall Street. 3) The financial community has no better clue of the supply/demand of energy than the Joe Six Pack that they would portend to advise.