The reason the stock reacted to the oil price "shock" on margins, was because it was so quick and dramatic a move up. Who expected oil to run up 50% in just a few months? Now, that new reality and potential for further such moves is factored in, and the company is in gear to deal with. At $72 the stock is a steal, regardless of oil price moves, unless, of course, it jumps to $200 in the immediate future. But, then, it's all relative, and if such a thing happens, the market as a whole will get killed, probably worse than CL. Most companies have much greater exposure to such things than CL ever will, and, as we know, if oil spikes the dollar probably collapses, which CL )much more than most companies you can think of, given their huge international sales) gets an offsetting benefit from.