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I agree with Forbes, the $70 price level is not sustainable. These high price levels will stimulate new production whether from opening up old less efficient wells that were not profitable at $30 price levels to developing new sources like oil shales and tar sands. Consumers will respond by driving less and buying fewer gas guzzling vehicles. While I don't necessarily see $30 per barrel oil, I think prices in the $40-50 range are realistic in the near future. Markets work, governments don't.

"...developing new sources like oil shales and tar sands."

I'm going from memory here...oil shale becomes economically feasible at ~$50.00 bbl for crude. Why else would the Saudis open the spigot like they have? Oil shale technology isn't complete, but it will become so if oil stays over $50.00.

I hate to be negative, but I'm quite certain that once oil prices do indeed retreat as they must, we won't see any relief at the pumps. Now the bastards know that we'll pay pretty much anything, and the world still keeps turning. Soon the governments taxes on gas will increase 10 fold to make up the difference.

I live in Norway right now, and I'm paying $8.00 per gallon pr. today's prices. Huge increase over normal you ask. Nope, just 10% higher than last week. Who's raking it in you ask? The government. Taxes make up 80% of the market price of gasoline in this country. Have people stopped driving yet? NOPE! I fill 50,000 liters a month in my trucking business, and the world still turns. All this, and take into consideration that Norway is one of the top 5 oil producing countries in the world. With the 2nd. largest oil money fund on the market next to Kuwait. Any relief? HELL NO! They stick it to the people everyday. Can we expect any less? It'll only get worse right up until the revolution. And yes, I'm dead serious. The bastards.