Hi Dave

I'm not sure right now about a crash in near term.In 2008 the reason of the crash was not the oil price but the bad financial climat which took the bank sector down.This time that's not the case.I don't know about companies in the US or Canada but here many companies has reduced workers to a minimum and taken alot of other meassures to reduce costprice.Now orders are in the lift and the profits will follow.if we let alone the current problems in the Mid east the situation on earnings for the companies is not that bad.So to compare 2008 with today IMO is not so evident.

I not so sure CLL should be sitting around 1.2 right now.Things have changed with 2 pod's running and the sale of some assets including PDP.Right now it's not a bad case for CLL that we have 102 $ oil.How much is the bitumen price right now and is the spread still high?And if Lybian event should come down oil will not drop dramatically .Could be interesting to look out for a new hedging plan.

Main factor is we don't know how things will rule out in the Mid East.From what I read in Saoudi Arabia things are not so extreme and tthey have a lot of petro $ to calm down a bit.Traders are acting in a to much overreaction on some events.Though I remain cautious too CLL could hold on the recent gains but buying now extra shares I wouldn't do it either.