Spend 1 hour in heavy traffic to go 25 miles on 680 & then we'll talk about that lack of demand.

Going to congratulate myself here, since I'm right, correction anyone?

My latest estimate puts the next big price spike on Q3 '09, but thats dependent on a LOT of unpredicatble things. A few months out is ok though.

well done. BUT, it could hit $150 to $200 this week IF Russia cuts oikl to the West and Gustav kills rigs

AND it could fall to $10 if 20 new supergiants are found this weekend. But that won't happen nor will Russia cut deliveries.

Thats a devastatingly sharp double edged sword.

While it certainly hurts us very badly to not have that oil on the market, it hurts Russia just as much to not have the money from selling that oil.

You were right about the price dropping before it spikes again ?
Hello that is how demand destruction works, but everytime the price drops it will still be higher then the last time it dropped and everytime it spikes it will go higher then the spike the time before, and then demand will drop and then demand will rise again, because oil makes the world go around and until people change habits and Governments change laws and before companies change directions this will continue, the really big question is will it continue and finally lead to a complete collapse of the system.

Yes. I meant to indicate the upward growth in prices observed at that time was not sustainable and would pull back and did.

I understand and agree with your last, somewhat awkwardly phrased bit there, but its not relevant to this limited time frame we're discussing.