my thinking is that yes people will probably go into oil for a short term but as we've seen, consumption will drop drastically when the price hits a certain threshold. thus the price will again drop down. it's possible that we will see a yo-yo effect with the price of oil. as price drops OPEC could cut production to boost price, which would get people to put money in oil but then consumption will drop and the price will go back down again, etc, etc. this yo-yo effect is exactly what OPEC does not want to happen so they will be more careful with cutting back of production as they have in the past.