China’s 4Q growth rate is half what it was a year ago. Japan, also a heavily export-dependent nation, saw its exports decline more than 35% (even 2% declines in large economies is unusual). The rest of the world is buying less oil because of income growth slowdowns and rising awareness of the total cost of using fossil fuels. Within a couple months, the coldest months of winter will be over and the demand for gas and oil will fall further (when demand falls for one, the price falls for the other). And best of all, OPEC is full of idiot countries that can’t stick to agreed-to quotas and will take every opportunity to back-stab each other.