From 382 to 295 in 4 months
The supply numbers never justified the higher price. It was inflated because of speculation that there might be growing conflict in the Middle East, that Chavez might get more ornery, that refinery capacity wouldn't get rebuilt fast enough, that hurricane season might ruin more refineries, that summer demand might be unresponsive to the higher prices, that a heatwave might tap out oil electrical generation facilities, etc. So far, none of that has come to pass. and it's becoming apparent most of them won't, so speculation collapsed.