$100 Oil

We're definitely over the threshold of $100/bbl. oil. It didn't get the media coverage it should've, probably because the markets briefly hit $100 just a little while ago and most mainstream analysts are treating the whole thing as an anomalous blip. But OPEC isn't in any hurry to increase production — it probably can't — and demand worldwide continues to grow despite the U.S. economic downturn. Unless and until there's a worldwide crash, which doesn't seem to me very likely for the near or medium-term, oil prices should continue to rise. $100 is a real milestone. Because, the fact is, we're running out of the stuff, notwithstanding the crazy guy who argues whether Peak Oil is true or not.