From CNBC: "Cramer, on the other hand, takes a different view.
"It's empirically demonstrated that a penny change in a currency should not produce a 5 percent decline in oil," he argued, adding there is an oil glut.
Prices spiraled lower after U.S. inventory data showed an unexpected build in stockpiles. There has long been a glut in oil, but Cramer said the hedge funds only realized it when margin requirements were raised.
"This is a margin squeeze," he said.
Cramer thinks the spot market should be much higher, but it's controlled by the futures market, which is "completely phony." The increased margin requirements are fixing that, he suggested."
Also from the article was the market essentially dropped because of the easing of the flooding and it's threat to slowdown production or stop it completely is diminishing. So yes you had speculators driving the price up on the gamble the Mississippi river flooding was going to shut down refineries and deplete the existing stock piles.
http://www.cnbc.com/id/42994665/And gasoline is currently being traded at ~$3.03/gallon.
http://data.cnbc.com/quotes/RBCV1
