US suppliers have no choice but to continue to overproduce oil. Thanks to the Feds printing of money and historically low interest rate their operations are debt financed to the tune of almost $1 trillion and they need the cash flow to service their debt. So we will see oil dropping by at least 50% from these levels to below $30.. This is because there are OPEC nations like Venezuela who are in the same boat and need the cash flow. Then we have Russia who alone has $0.75 trillion in debt and needs the cash flow. But when oil goes lower than $30 it won't matter how much is pumped because we will start seeing defaults on trillions of dollars in loans. This will lead to bank failures, runs on banks and rapid selling of equities to raise cash and pay debt. Add to these the defaults of the socialist nations like Greece and Argentina and we are looking at a calamity of Biblical proportions already in the cards. And it will make 2008 look like a hiccup.