Price per gallon at a Shell station in NJ today.
Spot market oil is under $67 bbl today. Those hedge funds are taking a beating having to sell because of margin calls. It's pretty clear the past market and oil values were ballooned because of margin traders. Lehman was trading 30:1 margin v cash assets.
I'm sure every other broker / investment was red lined, if not over the limit on margin buys.