People will be talking about how they wish crude was $113/barrel in a couple of years. This has been the most underpriced commodity in the world for past century. It is the most essential commodity for economic growth. The dollar has actually gained on the euro while crude has been going up the past few days so that is no longer a valid excuse. It was never a valid excuse but people use it anyway like crude shouldn't be up at these prices because it just seems expensive. Supply is flat despite the higher prices and demand is hardly flinching at these prices which tells me the only way to get demand destruction is through much higher prices. Since supply isn't gonna go up, there is almost nil spare capacity with most major fields in decline, the only way to reach equilibrium is through demand destruction. $150 crude is a chip shot from here with these fundamentals.