Oil nearing $50

And quietly it tumbles (for now):

Oil prices plunged more than 3 percent back near $51 a barrel Tuesday after Saudi Arabia said OPEC production cuts were working well and that there was no need for an emergency meeting of the producer group.

U.S. light crude for February delivery tumbled $1.78 to $51.21 a barrel after touching $50.93, the lowest since May 2005, in earlier New York Mercantile Exchange trading. In London, Brent futures shed 82 cents to $52.30.

So what's next? The nuts on the left don't have big oil to flog for the time being. When juice prices rise because of the freeze in California, will it be Bob Dole, Haliburton, and Big Orange conspiring? Or will it be the fault of a juice-Jews cabal?

All joking aside, I'd be surprised if these prices stay low all year. This is partially due to a warm winter but also partially due to a market correction amongst investors. There is plenty of instability in the Middle East, Venezuela, and Russia to drive the price back up this year.