Oil Prices Gush Higher in 2009

Don't know if you've noticed, but the price of oil has been on a tear lately:

(Source of chart data: Energy Information Administration.)

Here's a chart from the Energy Information Administration with a longer time frame. It shows the price of West Texas Intermediate since 1986.

That 2009 uptick looks mighty steep, no?

It doesn't look too good for the future. China's manufacturing output is rising. The dollar is weakening. And last year's favorite culprits, the speculators, have nothing to stop them from repeating their performance.

Think we'll be seeing hundred-dollar oil soon?