A few comments
1. This price spike was inevitable.
![Smiley :)](https://www.autos.ca/forum/Smileys/CarTalk/smiley.gif)
Just part of a long upward secular trend for oil prices.
2. I'm loaded for bear (no pun intended) on oil and other commodities.
3. Here in North America, we have it easy. WTI is about $15/bbl under Brent in the first few contracts.
4. The stuff is still dirt cheap. $1.20 CAD pays for someone to find it, someone to drill a hole, bribes to be paid, wars to be fought, a rig to be set, safety equipment to be bought and implemented, workers to be hired and trained and employed, just to get it out of the ground. And then you have to put it on a huge boat and ship it half way across the world, where its refined, QC'd, then transported to tens of thousands of conveniently located filling stations, where its stored again in huge underground vats and pumped into your car at your leisure. All the while you pay huge taxes on the gasoline directly along with all the indirect taxes / royalties all the way up the stream. And the gas station operator still needs to pay to keep his lights on. The stuff is cheaper than Coca Cola and a million times more useful.