"Why didn't oil companies not follow the latest spike in oil?"

I think Connacher will move up, it just takes some time. OPEC's finally got a steady hand on the tiller. IMO they've shown they're able to crank the faucet up and down to keep Oil around $70/bbl, I think they reacted too slowly last year but things eventually got their attention. In the macro picture this is a very positive sign for Oil, because even as the economy bottoms out and has more rough spots, oil will remain at a level to sustain reasonable margins for Connacher. That's my hope anyway.

As the resident chart guru, you must be excited about the consolidation of the past few months? Welcome back BTW.