The $70 figure was based on what the Saudi king and his oil folks have stated is a livable price without upsetting the world apple cart.
On another note:
Of course the Democrats would rather tax our way out of the problem of high oil prices....ROFLMAO.
Many people said the same thing at 40, at 60 and again at 100. We didn’t start to have demand decrease in the US till we hit $100 and not much till we hit 120.