until Peak Oil is taken seriously there will indeed be a catastrophic upward rise in price ,at $150 its more than fair,given present market situation can be laid at the foot of an escalating price of bbl ,$100 is more than fair.To prolong its viability Oil production should and needs to be cut,doing so would increase alternative methods for replacing Oil,IMHO had this been done when Peak Oil was first a forgone conclusion,todays predicement would not be as devastating.

Production cuts and $100/bbl would be a fine xmas present for all.