Jurek:

You said:

"One good and "eye opening" think about this rumors is investors ever increasing appetite for risk. Some of these junior oilsand companies need oil prices above $70/bbl to survive. Is the bubble starting all over again or just some traders having fun?"

Until the bubble that is the US$ pops, I do not believe oil willl go up to that $70.00 level. Anticipate that the weakening of the US$ however, will not be rapid but rather a gradual weakening. We will move towards parity again with the Canadian $ as 2009 progresses and the US$ weakens due to US monetary expansion. If Bernanke is successful, we will see a replay of the 1970's with inflation. If he fails, none of us will like the result If you recall, a year ago the US$ and the CDN$ were at parity until the point that the recession hit. At that point, the US$ as the world reserve curency became very strong as nations for many internaional settlements had to obtain US$ for purpose of affcing international settlement. If I am right, at $ parity the price of oil will be seventy in both CDN and US Dollars.

Brian