$80 Crude Oil Is Not Justified, Poll Says

NEW YORK (TheStreet) -- Oil futures on the NYMEX topped $80 last week for the front-month contract.

Thus, with reports swirling about what the threshold crossing meant, we asked TheStreet readers a simple question: Do you think the $80-plus price of oil is justified now?

A week later, about 30% of readers who put in a vote thought the price was justified. Still, with nearly 70% of the vote, an overwhelming majority of voters said "no."

And with futures prices dipping back under $80 this week, maybe the "no" votes were on to something.

To recap, prices have yet to come close to the historical highs from last year, when oil futures topped $100. This week, earnings reports from the likes of Exxon Mobil(XOM Quote), ConocoPhillips(COP Quote), Chevron(CVX Quote) and Royal Dutch Shell(RDS.A Quote) showed that profits for the major integrated oil operations were hit hard in year-over comparisons as a result.

Regardless, in recent months, prices are again tracking higher, thanks in part to a weakened dollar and sputtering hopes of economic improvement.