Oil has hit new highs and is trading above $80 per barrel, and it has some speculating that it could go much higher. Over on 24/7 Wall St., this blog entry speculates that we could see $200-per-barrel gasoline. This posting actually looks at this posting. over on CNN/Money. Bottom line, both articles posit that we may see $200 oil in the next couple of years. Of course, I could be a millionaire in the next couple of years as well.

While I may be skeptical as to how high crude can go, the CNN article does point out that we could see a decline in oil production accelerate by 2015. This decline could start in 2010 and could accelerate as oil fields dry up. In fact, it is suggested that by 2030 the world could be looking at powering its economy on 30 million barrels a day. These estimates come from Richard Heinberg, a research fellow at the Post Carbon Institute and author of 3 books on peak oil.

There are dissenting opinions, as Fadel Gheit, a senior energy analyst at Oppenheimer noted, it's fear mongering, sensationalist crap, when asked about peak oil and Web sites like lifeaftertheoilcrash.net.