Geopolitical problems may drive it that high, but Peak Oil will be the fundamental driver. Investment banker Matt Simmons, for example, is predicting $200-$250 oil by 2010.
Peak Oil is for the most part nonsense.
But thanks to years of shenanigans by the left, Peak Pinch Points is indeed a concern.
They could take their old fossil oil and put it where the sun don't shine...
That's assuming that the only supplies are the ones that are supplying now (less Iran and/or some other trouble spots). For that kind of bucks you will see even dead cats and dogs being processed into crude.
No offense, he either lied or does not understand the market. False predictions are important if one wants to make a lot of money from people who panic.