I remember about 2 years ago when oil was at $60 a barrel and most everyone was singing the same old tune (oil is too expensive, this is simple supply and demand, the oil bubble will burst, blah blah blah…..). Here we are just 2 years later and oil is at $140/barrel. Yet most people still can’t see that oil is a very different monster. It is the life blood of the western economy. It is able to defy the laws of supply and demand. The ultimate law is something is only worth what you pay for it. If you bought gas today, you bought oil for $140/barrel. Therefore, you believe oil is definitely worth $140/barrel. Otherwise you would not purchase it. I think oil is worth much more (maybe $200/barrel, that is gas at $6.50-$7/gallon) I think at $200/barrel oil, you will start to see people changing their ways. Over the long term, the price of oil is only going to go up and up and up. Rather than arguing about it, I think everyone should think about how they are going to adapt to this environment of super high energy prices.