RE:Oil price will go down to $30The another reason for slowing demand in north america is that slowing industrial production. Look at Alcoa results and forecast - devastating. Look at Intel results and forecast - devastating. Who will use oil? The laid off workers? the down-sized industries? Canadian heavy industries (oil & Mining) will never recover anymore in future. The American heavy industries are done. So, the largest consumers are already dead. Think rationally instead of being emotional.
Yes, there will be some demand though - the retired people with their RVs. But that is 0.000001% of world's fossil fuel demand.
Bottom line - Oil's days are numbered and so the extra-high debt producers. Look at Linn energy - biting the dust.