From early 2009 through early 2012, the oil to natural gas price ratio went straight up as oil rose and natural gas fell. At the start of 2012, the ratio got over 50 when it had averaged a level of just under 10 from 1990 through 2008! Something had to give. Finally in the back half of 2012, the oil to natural gas ratio has fallen back to earth, moving down to a level of 27.2 as natural gas has risen and oil has remained flat. But even at 27.2, the ratio is extremely high compared to its average level over the last two decades. Are we due for a continued decline in this ratio in 2013?