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Don't Believe This Rally in Oil

Whether or not this economic slump ends in the short term, or plays out somewhat longer, the world has seen peak oil at 85 million barrels per day of production. We will never see that production level again.
There is no way in hell that the U.S. can "permanently modify its behavior" in regard to the use of hydrocarbons prior to an economic turnaround. The markets know it, thus increasing prices.

I would add... speculators are part of our markets. Volatility is a symptom of peak oil. Volatility is what we will be living with for many years to come.