Welcome to Peak Oil Panic!

How do I figure this is good news? Simply because I recall about a year ago all sorts of analysts were calling for $100 barrel by the end of the year. Thats why.

right here,

WORLD oil prices breached $US76 again in
London and hit 73 dollars in New York overnight, approaching record
highs as more kidnappings in Nigeria added to global supply concerns.

Brent North Sea crude for August delivery touched
$US76.34 per barrel, a level last reached on August 10, 2006. The
contract is about $US2 from the record $US78.65 hit the same month.