oil is overpriced due to speculative bubble and manipulation.. there is no shortage of crude, in fact inventories are high across the globe... its a 30-45 a bbl commondity, everything above that in price is nothing but greed and speculation.
It will pop.
read/watch (cspan) greenspan's testimony today on the oil market. he was very good for a change, explained what is happening perfectly, what the hedge funds are doing, how the foreign state owned companies are not investing to develop new supplies, and how the US can't do anything about it except develop alternative fuels and energy sources as fast as possible.