During the months of January and February of 2009, average daily volume of this ETF was about 40 million shares a day. Previous 2008 average vol was about 15 million and April 2009 volume is back to about 15 million a day. The "accumulation" indicators I have available to me do not register any massive accumulation by "strong hands" during this period, but I have a gut feeling it might be so. This phenomenon does not appear in individual oil company or oil service stocks that I have looked at. Could it be that some oil futures players are treating USO as a perpetual option on oil?