Followed by a recent rise in rig count.
There is a reason oil prices are not all over the map, the oil market is a bit more stable with the marginal producer. It is one of the reasons we may 'Euler' it through another six years, a real possibility.
On the topic of energy, the ethanol industry was disrupted by the floods, and the alcohol is used as an emission reducer in gasoline, driving up gas prices. Lingering flood side effects.
On the topic of Eulering through, we have split Congress and it is doing nothing, a positive, so far. Hope for a good tax and sequester if you want the smoother, long term devaluation trajectory.
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