>>>I agree with you we may be near the top of this oil price rally. In the longer term, do not forget the increasing use of alternate energy ( corn, electricity, and lately an israeli company generates bio-gas from algues ).
>>
>>Corn based ethanol requires more energy to produce than it creates.
>>
>It is a different kind of energy. Oil is important as a portable energy media (for cars). If ethanol could replace it, and it certainly can, then spending some more 'non-portable' energy, produced from uranium, would be quite justifiable. Oil is overbought, though gold not.

I agree that ethanol can replace oil, just not corn based. Let's agree to disagree about gold for now. Oil is not yet overbought. I believe the oil speculators are quite justified. In fact, without a sign of a change in certain attitudes and events, I would perfectly understand a run up to $200 or more.