Today CIBC global markets are predicting $7 oil by 2012.
Not too long ago I was sitting in classroom at Syracuse University presenting to classroom of my peers the long term implications of peak oil in Saudi Arabia. I started the presentation on with this 2005 quote from Matthew Simmon author of Twiligh In the Desert: "Oil prices will rise so fast that it will make your head spin." In the spring of 2006 when I was presenting oil had hit $70 a barrel and all eyes were on oil. Now the group I was presenting with out voted me and conclusion was that there was more then enough recoverable oil to last the next 50 years, which would keep oil relatively inexpensive. Now I would just like to refer to the opening sentence of my part of the presentation "Oil prices will rise so fast that it will make your head spin."