All of the predictions I see are of the type, “If nothing changes and reserves are depleted, prices will spike to very high levels.” We have yet to bottom out reserves, so yeah, prices have yet to hit record levels, but we are moving there day by day. There was a lot of slack oil in the system before this started, but it can only last so long.

Well, the markets sure don't think so, and they are betting with their money, not words. WTI is about 80 bucks right now. Barely above average.