Peak Oil Passnotes: Crude Oil Sets Its Sights High

Regular readers of this column will remember how shorting by traders in the third and fourth quarters of 2006 dragged oil down as low as $49.90 intraday. The floor price set at the end of 2005, around $55, seemed unbreakable, yet a year later it failed. We were surprised.

At the time crude seemed a long way off breaking back towards its $78.40 highs, even if it did end up where we thought it would, around $61 on Christmas Day. But today the signs are there again that crude really could surge once more. Could crude really get back over $75 this year? Could it set new records?

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