The question is where to set our sights next. The only cap I see coming up is on the order of $85 a barrel -- something equivalent in real terms to the highest we saw.

At 70 dollars per barrel governments seem prepared to act.

The crude market and the global economy have been quite willing to pay $60 a barrel without harm. The only thing that has happened is that the economic boom that gave us the fastest economic growth in 25 years has slowed a little bit to bring demand back in line.

The market is reacting today as if oil at less than $74 a barrel is a bargain.

The market is extremely hesitant to go below USD60 a barrel and that is because of the Nigerian outages for the most part.

The market is extremely hesitant to go below $60 a barrel and that is because of the Nigerian outages for the most part.