Lies, damned lies and, fundamental market conditions

Does anybody recall the fuss a few months back when oil prices were going up - up and up? Eventually the $100 per barrel barrier was breached and all this while the economic pundits were denying that the cause for this astronomic stupidity was occasioned by a glut of mad equity investors plunging into commodities. The news programmes were stuffed with economic experts happily telling us that the rises were inevitable given market fundamentals - that the whole thing was the fault of those middle easy potentates not producing enough of the stuff - or that is was the slanty eyed creeps in China using it all up in their rush toward affluence.

Well here we are some months later and oil dropped below $50 dollars a barrel today. So somehow either the supply and demand equation magically balanced itself out or those "experts" were telling us porkies. What do you think?