Oil Bubble Popped?

UPDATE: Just to be clear, I'm talking about the stock "bubble", not the ruthless price manipulation by the oil companies. This is about a downturn in speculation and whether or not that will continue, not about whether or not the pricks at Exxon are pricks and totally screwing us. Of course they are.

I didn't think it would happen until the next administration took over, but it looks very likely that oil prices have peaked and the trend in the reduction of prices will continue for a while.

Martin Vander Weyer of The Telegraph does a great job of breaking down the popping of the oil bubble.

If gas prices settle somewhere around $3.00/gallon before the November election, will the lessons of the oil bubble be forgotten? Certainly they will. So too will the demand for sustainable energy sources, which will double the challenge facing environmentalists trying to drag the comatose masses forward before it's too late.