Are You Ready to Sign Up for the $100 Oil Club?

The bulls may be right. This surge looks very different from the oil shocks of the 1970s, which were driven by a politically motivated reduction in supply. Now the market is driven by a supply-demand imbalance. And we have little certainty about oil availability. We may already have passed peak production — unless there’s a lot of it down there that we don’t know about.
Bloomberg