Oil contracts for April delivery touched 110 dollars today. The chart above shows the May contracts which are not much behind.
About two and a half years ago, I stated:
"The price in December 2010, when adjusted for inflation so it's stated in 2005 dollars, would be at least $80 per barrel. I am willing to put 10 dollars on that."
Assuming a 3.2 year over year increase in CPI (the actual rate from 2005-2006 according to BLS), 80 dollars in 2005 is about 88 dollars in 2008 and 94 dollars in 2010.