$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), ConocoPhillips(COP), Chevron(CVX) and Royal Dutch Shell(RDS.A) 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.