Monk, we are still nowhere near the "inflation corrected" prices from the early 70s, but we are certainly nearing the high compared to just about any other time.
Combinations of reduced production, increased demands (China's demand is way up, as personal car ownership soars!), insecurity about certain producing nations, and issues like the Russian takeover of the biggest oil company over there has got people spooked.
One flack on the radio today suggested we will see $60 by january.
What price will it be before the SUVs start taking a hit in price? I noticed GM is starting to have to give rebates to move them. It's won't be long, I suspect.
Alex
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