No end in sight.

Stephen Leeb on Bloomberg radio today explaining his current thinking on oil: Oil is in a strong, protracted uptrend with no end in sight. There will be pullbacks, but in 3 - 5 years he believes the price will be much higher. With the supply/demand imbalance, driven by increases in demand from India and China, there is little reason for this trend to moderate. When asked about the development of alternatives to oil, he said that until the many disbelievers change sides, there won't be a big push to alternatives.

I'm going to go out on a limb and say a few of those disbelievers threw in the towel today.

P.S. Stephen Leeb has a book, "The Oil Factor", he co-wrote with his wife explaining his investment ideas around oil, see link in sidebar.