Jurek:

Initally, I believe it will be a mixed bag. The market will like the numbers oil producers put up but, hate the oil companies for the havoc oil prices cause in individual pocketbooks. This will cause a vendetta attitude on the part of consumers and the market with resultant volatility and major swings.

As the reality sets in the public mind with regard to high oil prices, consumer behavior will begin to moderate with more efficent vehicles and reduced individual driving. Additionally, people will revert back to more affordable housing, moving closer to their employment. Businesses will concentrate on teleconferencing and reduce corporate travel. Bottom line, we will see a major change in both personal and business behavior.

The resultant reduced demand in places like North America and Europe to a lesser extent, will be replaced by increasing demand in the developing world emerging economies.

Over the next 20+ years, we will see alternative transportation modes begin to be utilized on an increasing basis.

The sea change has only begun and will take some time to complete the transformation of mans mobility needs. There will be both enormous pain and enormous opportunity. At my age (60), if fortunate, I will see a large chunk of the transformation. But not all!

Brian