Sharky:

Oil world demand is still up 500,000 per day in 2008. Even in the western world recession. Obviously, the developing world has increased their consumption. As the impact of production cuts by OPEC begin to be felt, the price of oil will stabilize at a higher rate. My guess, $80 to $90. An article I read yesterday, indicates with their spending budgets, most of the OPEC countries as well as Russia, the major non OPEC, producer, need $80.00 oil.

While I think it is unlikely we will see oil over $100 for a while, as the western economies begin to improve, oil will resume its climb and more rapidly than we can envison from our current perspective.

When one is in a deep, deep hole, it is difficult to see the land around you. Even a few centimeters away.

Brian