Cheap oil - Don't get used to it, analysts say

Already, the futures markets are pricing in more expensive oil. While a barrel of light, sweet crude for February delivery costs about $50, the market for September oil is already over $60.

NVDL: Peak Oil theory goes that the downward spiral of depletion will go off in spirals - spike, crash, spike, crash...

clipped from news.yahoo.com HOUSTON – All that money you're saving these days at the gas pump? You might want to put it in the bank. The same cheap oil that's providing relief to drivers and businesses in an awful economy is setting the stage for another price spike, perhaps as soon as next year, that will bring back painful memories of last summer's $4-a-gallon gas. The oil industry is scaling back on exploration and production because some projects don't make economic sense when energy prices are low. And crude is already harder to find because more nations that own oil companies are blocking outside access to their oil fields. When the world emerges from the recession and starts to burn more fuel again, and higher demand meets lower supply, prices will almost certainly shoot higher. "I think those supply limits will come back to bite with a vengeance," said Sean Brodrick, a natural resources analyst at Weiss Research Inc.