Back to $70/barrel

(Posted by John.)

Oil surpasses its Katrina-level high, setting a new record.

Now, consider that neither the summer driving season nor hurricane season have started yet. Also, consider that bombs have not yet started falling in Iran.

Anybody want to bet against $100/barrel this summer?

Interesting paragraph:

On an inflation-adjusted basis, oil prices would have to rise above $90 to exceed the all-time highs set a quarter century ago when supplies became tight in the aftermath of a revolution in Iran and a war between Iraq and Iran. In 2005 dollars, the average price of crude in 1980 was just under $77 a barrel.

So we're maybe a year away from 1980-level prices. That's assuming a slow-steady squeeze, not a spike.