Supply vs demand based on the following:
So supply shock is a non factor, and the combo of demand shock that leads to the price action. When looking at proce action, an inefficiency appears evident.
Looking at 2006-2007, demand shock factors seem consistent to where they are today. Yet oil was trading between $60-80. Today its trading near 45-50. The dollar does not appear to be a contributing factor to the difference. Dollar is trading near 2006 levels.
With the above data, one is left to suggest the difference is behavioral. Debbie downers be like, SELL SELL SELL.
Still liking xom here.