Oil prices are on the cusp of $80 a barrel, and all market signals point to further increases. Get ready for $100 oil, perhaps as early as this summer.
Brent, the international oil- benchmark, reached a record $147 a barrel in 2008 before the financial crisis reversed its meteoric rise. Challenging that level – when “peak oil” fears were at their apex – might be a stretch but at this rate, no one should be surprised to see $120 oil and $4 a gallon gasoline prices by August. It would be foolish to bet against it. Almost as foolish as betting just a few months ago that such a price spike could happen.