Right $300, you will be lucky to see it back at $100 in 2 years, oil is going to drop another 25-50% over the next 12-18 months, all that hype on peak oil and demand was nothing but garbage, oil is headed even lower, $300 is not coming anytime soon, probably never.....
You must be a subscriber to Peak Oil, no? Surely you don't think that demand will create $300/bbl oil prices with the current global economic situation.
You guys are all silly. Peak oil doesn't even need to matter. Cost of new production is $60 or so. World demand only down 1.9% y/y right now on crude. And supply is falling 8-10% in many areas just due to normal well decline. That says no supply coming any time soon if prices stay low, and much tighter supply/demand margin. You don't even need economic growth to make the argument play out. $200 oil in 2 years.
The point , invariably missed, is that the marginal cost, the cost of running existing wells, is very low. The cost of all the exploring, testing, drilling and bringing oil on stream, the inclusive cost, is what makes the full unit cost of oil somewhat higher. Therefore existing producers could continue to produce oil at low sales prices.
Lets all remember what happened in the beggining of 08. one day the commodity bull will get so out of hand that oil might gap up the present dollar value of a barrel. jim rogers might have to testify before congress to explain his 'role' in the 'rampant speculation that is hurting americans' they might shut down the nymex for a week.