Oil at $120/ bbl .... Awesome!

Its great to be in the oil business at this point of time. With the price of crude oil hitting a record high of nearly $120 this week, the oil companies are having a ball. I think we can safely assume that the era of declining oil prices has passed. My belief is that the price of oil is going to skyrocket to a point where we will be forced to resort to other sources to meet our energy supply. Oil will still be around but, it just be too expensive to be our primary fuel source.
The article attached talks about some of the future trends that we could expect in this regard and how are lifestyles would radically change. The IEA reportedly predicts that US oil demand would drop by 2% this year. It goes on to say that even with a possible recession and declining dollar prices, the price of oil is not expected to drop. Quoting Loren Steffy , " $120 isn't a spike, it's just another milestone on oil's upward journey."