dondon:

"Prices will rise to unheard of levels".

Please be careful of what you wish for. In the fragile state which the world economy is in, I do not believe significant price increases in the price of oil is even desirable. Such an event would place extreme stress on the world economy, with the likely result of severe unemployment and a collapse in demand for oil and all commodities and the entry of the economy into a depression which would be particularly onerous for the developed western economies.

What we need is a gradual rise in the price of oil that permits survival of the overall economy as it reflates, as well as the oil industry. As the old saying goes, "bulls make money, bears make money, greedy pigs get slaughtered".

Brian