Oil at $54/barrel

Today The Globe and Mail reports oil at $54/barrell - a record for the NY exchange which has been trading contracts for 21 years. Reasons include Nigeria (which hasn't stopped production) and the effects of hurricances in the Gulf, but bottlenecks at refineries are also a culprit (hmm... who owns the refineries?). The IEA reports that oil use will jump to 82.4M barrels/day up 2M in this year. Prices of $60/barrel are likely as we approach wintertime.