Having caught the Oil move a short while back from 99 to 97, I don't want to miss any larger legs down, so am selling just under $20,000 worth at $92.95 of the Feb '08 contract. Just a small position, if it starts to go my way, I'll add to it and use stop-losses to contain my exposure.
Feb '08 NYMEX Crude Oil Contract, last 10 days or so
I think if you look at what can "save" the US, one of those things is falling oil prices. Today you have Bush talking to the Saudis about increasing production, although I'm sure those guys are already cranking at full with prices where they are. Keep on pumping guys, 'cos you are soon gonna be putting out way more supply than there is demand for the product.