From The Energy Tribune:

Oil is now flirting with $80 per barrel. In January, while many other analysts were predicting $40 to $60 oil, I predicted that oil would soon be back at $100.

There are obvious and real underlying reasons for the escalating oil prices. But news headlines have ruled the price of oil since at least 2004. There was no real rational economic reason for oil to reach almost $150 (which for people with short memories may seem to have happened last century – it happened in July 2008) nor was there any reason for below-$40 oil, which happened right after the economic crisis hit last fall.

The crisis overshadowed a November report by the International Energy Agency which showed that oil production from operating wells has been declining...

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