Oil prices went up to USD145 per barrel before the subprime crisis. USD150 per barrel is possible if commodity speculators continue to drive up prices. Even increasing output from OPEC countries did not stop oil prices from climbing to unreasonable heights.

The only reason why crude oil prices did not hit USD200 per barrel back then was because the subprime crisis suddenly went into full swing in the US back then, taking out big names like Lehman Brothers and bringing other institutions like Lehman Brothers, Bear Sterns and Merrill Lynch. Speculators got spooked and fled the commodities market, causing a price crash.