Petroleum prices may top $60 or more: analysts:

Petroleum prices may increase to more than $60 a barrel this year and some analysts are talking about the possibility of even greater increases -- to $75 or $80 a barrel -- in the event of a major supply disruption, unless the demand for crude cools in Asia and the US.

US benchmark oil shot above the previous settlement high of $55.17 a barrel in intra-day trading on the New York Mercantile Exchange yesterday before retreating to $53.57 a barrel for futures delivery.

US Energy Secretary Samuel Bodman told a Senate panel yesterday that "the capability of any member of this government to influence the members of OPEC is limited," the Wall Street Journal reported today.

The current run-up could further hurt economically weak nations as well as energy-sensitive industries like airlines and automakers, European Central Bank President Jean-Claude Trichet said.

The world currently consumes more than 84 million barrels of oil daily. Rising demand and seasonal surges are expected to lead to global consumption of nearly 88 million barrels a day in the fourth quarter this year, a level of demand that refineries may be hard-pressed to meet, the WSJ says.

link

More like this month.

efficient, but I doubt it.

That means less time with the X-box.

the oil will always be there because they will continue to suck it out as long as there is demand but with the quantity going down and the price going up ya might see less people buying it because they can't afford. Quite possibly some time in our life span.
Then again ya might see lines depending on how fast demand out steps production and distribution, may we live in interesting times :(

Have you noticed that Bush is STILL buying oil to top off the strategic reserve???

May the good times roll.

the start of a slide

That's a RED ALERT phrase right there.

Everyone knows that a chart of China's 'future demand' is practically a vertical line. That demand isn't going to "cool", period.

The Bush game is so well thought out:

Destroy the Iraqi production all together, create a supply shortage, and raise the price to $80 - $100/bbl. The $50/bbl we pay now is just chump change.

The super rich thank Bushco for war.