How high to do you see it going ?

First support level would be some thing around $150 and considering the exponential growth in the emerging markets the demand for the Oil is going to scale up only so I see the long tterm stabilization at $190.

Boss we certainly need to find renewable sources of energy....

Oil price is certainly going to move much higher.

There are 4 main factors pointing that oil price is going to move higher:

1) Growth in Emerging Economies --> Rising Oil Consumption --> Higher oil price

2) OPEC --> Government depend on oil income --> Cartel restricts supply --> Higher Oil price

3) Geopolitical Issues --> Cause disruption / thread of oil production --> Lower global spare capacity --> Higher Oil price

4) Peak Oil Theory --> Declining Oil production --> Less Supply --> Higher oil price

Honestly I predict that the world will run out here very soon and only the richest of each country will be able to drive their cars around in about 30 years. The post before gives all these factors that will cause oil prices to keep on rising. I don't see the price stabilizing untill we find an unlimited supply of oil somewhere, which doesn't too likely.