I just don't see it. $120, maybe...but even that seems a stretch unless some supplier cuts back one heckuva lot (or nObama somehow manages to outlaw fracking in the US).
Global demand is just not going to heat up that much. Don't see it a it all....
You don't have to worry about Obama outlawing fracking ; the fossil fuel industry has too much clout to allow that. It will take more Sandy's, more drought, and lower levels for the Mississippi river to change the political consensus. Its more likely the next president who outlaws fracking.
I saw that it came out the other day. I would think countries or people would begin to stock pile if they see oil setting above a 100. I would think things would get real busy first and then slow down but the deman in China for iron ore is picking up and Brazil is beginning construction for Olympics I dare the second half of the year could see 120 dollar oil