I wish it was possible to see $60 oil again, but I have my strongest doubts. The US is not the only consumer. They may be the largest, with all the SUVs down there, but oil consumption in Canada has not proven to fall at all with the current high prices. If nothing else, the fall to $100 will have the wrong psychological affect and consumption that was being put off will once again climb. It is a survivor mentality - people will say "well, it wasn't that bad" and they will start burning through oil again.

Additionally to this is the current atmosphere in the financial markets of the US, which is being fought with inflation causing measures. More money in the consumer's hands from the bailout will be the result, and this money will give them the resources to continue driving the SUVs that no one could sell at higher oil prices. Vicious catch-22.

Eventually, it will happen that the SUV will no longer be seen as the status symbol. But, until the auto manufactures stop proclaiming the safety, roominess and toughness of the vehicles, people will continue to buy them. I even saw an ad for the Yukon Hybrid - one of the biggest gas guzzlers on the road - claiming to increase mileage by 50% for city driving. According to the tiny print at the bottom of the screen, this makes it an amazing 21mpg city. Pfff, if that is good mileage, we will never see $100 oil, let alone anything lower.