Oil down again today, briefly in the neighborhood of $117 per barrel, now just up over $118.

This, despite the fact that several refineries either remain shut down or have been operating at reduced rates due to Tropical Storm Eduoard; this, despite the Iranian threat to close the Strait of Hormuz if attacked.

A month ago, these events - and others - would have sent the price of oil soaring. Now: Nada. Reduced demand, we’re told, has taken its toll. Maybe. But when an actual reduction in refined product reaching the market, however small, gets shrugged off, we’re back in saner territory - where the price of oil once again edges closer to the “true” price. And again the question becomes: How low will it go?