"We burned off quite a bit of inventory due to the cash for clunkers, but the demand side is still a shelf of its former self, " says Matt Lloyd, chief investment strategist at Advisors Asset Management.
In the deep water, large swaths of Wilcox sediment slumped over the side of the continental shelf and were swallowed by a layer of salt that dates back to when the American continents pulled away from Europe and Africa.