I was bullish on the price of oil when it was $20. For the world's most traded (and important) commodity, any jump in price is significant. It's now $90/bbl.

I was bullish on the price of oil when it was $20. For the world's most traded (and important) commodity, any jump in price is significant. It's now $90/bbl. That's huge. And I'm still bullish. I still think it's underpriced. Why? Because, while we'll never run out of oil, it will get much more expensive to get what's left. The price of extraction after a certain point in a reserve (around half-way) goes dramatically up; the technology we've invented in the last decades has increased our ability to get to pockets of the cheap/easy-to-get-to reserves; and no large reserves of (cheap/easy-to-extract) oil has been found since the 1970's. I'm surprised at the confidence in this thread, but humans have a terrible capacity for forseeing change. Taleb's Black Swan is about this. He has a great example: every day of a turkey's life is a reinforcement that the farmer feeds and cares for it, until the last day. For the turkey, it's a black swan; for the farmer, it's not. Whatever you think of the future of the price of oil, above all don't be too confident. Don't be a turkey.