Oil has become a lot like ice-nine... those who posses it can have great fortune, but in the end its spread kills everyone (minus Bokonon, of course).

On a more serious note, $262/barrel is insane, and (by my really quick math) would yeild gas prices between 10 and 12 dollars on the gallon. I do not know if there could be any signifcant consumer demand considering it would cost around $150 for an average size full tank. Most people buy gas between once or twice a week (observation I made when I worked at a 76), so in average month people could be spending around $600 to go places. Also, public transit can not function (even without taxes on fuel) if prices are so high because the only real way to break even is increasing the rider fees to such high levels. When oil gets around to $150 or $200 I think you'll begin to see large scale movements towards alternative fuel quickly because everyone will see the impending shitstorm if we don't.
insanity Reviewed by insanity on . Ready for $262/barrel oil? WoW!!! Plus were 8 trillion dollars in debt----Oh Well Ready for $262/barrel oil? Two of the world's most successful investors say oil will be in short supply in the coming months. By Nelson Schwartz, FORTUNE senior writer January 27, 2006: 4:40 PM EST DAVOS, Switzerland (FORTUNE) - Be afraid. Be very afraid. Rating: 5