I see oil topping out at about 150 a barrell before the bubble bursts. Just like the dot com and real estate bubbles they can only be artifically inflated so much before it comes crashing down. I believe that is the case here. The prices havent been inflated to this point by supply/demand, it has been inflated by traders. Its going to get worse before it gets better, and we will see $5 a gallon gas, but at that point its going to fall apart and we will see oil drop back to around 100 a barrell and $3 a gallon gas.

Also think back 4 years. We were seeing the same large increase in oil prices then, and within a couple months of the election gas prices dropped about $0.80 a gallon.