"Conspiracy theories?"
1. We're trying to bankrupt Iran. Profit threshold is in the $95/bbl range (with subsidies), and unsustainable deficits if it hit the mid $70/bbl range, now they're now digging into reserves to keep the country going. Along with that, the central banks global meetings are conspiring to collapse the dollar and usher in a global currency, thus consolidating power. NWO buwahahahahaaaa!
2. Less conspiracy than reality.. demand dropped too fast for opec to cut production. Now there is a huge glut of oil supply, compound that with the fact opec didn't cut enough in production (only cut 1 million barrels per day I think) in their last meeting. And throw hedge funds pushing the price way beyond any fundamentals and.... kaboom! the bottom falls out.
I prefer #2.
oh ya, and I've read predictions as low as $35/bbl...