‘Mission Accomplished’ – High oil prices are here to stay

Oil hit $75 per barrel again this week, setting once again new highs.

While not very spectacular – after all, we hit $70 almost a year ago,
and $75 a few months back already, recent price increases are part of a
pretty consistent upwards trend worth putting in context again.

Before I take off to my much needed holidays, let me chart once more
why many anlysts don’t see oil prices go down in the foreseeable future
– and why I personally believe they’ll go up significantly.

…Oil prices have basically increased in a straight line from $25/barrel
to $75/barrel since Bush’s ‘Mission Accomplished’ stunt. Until then,
you could argue that they had remained in their general flat trend,
with a dip after the 98 Asian crisis, and upwards bumps during the
dotcom boom or the run up to the Iraqi War. In May 2003, at 25$/barrel,
oil prices were not news (other than, possibly, to underline the
“accomplished” thingy). Since then, they have gone up relentlessly.

http://www.dailykos.com/story/2006/7/8/154112/5819