Some people are making alot of money out of this at the moment, they have the influence to control the politicians and media, and hype things along with talk of peak oil, demand in China and India, instability in Nigeria etc. If I'd bought oil I would hope the price would go up as well.
Once the bubble bursts there will be some serious losses, but most of the main players will have pulled out and moved onto something else. Those who got in too late will be holding oil they have bought at $130/barrel hoping to sell it at $150+, but finding they can only get $90 for it.
This wild futures and speculators driven ride can't go on for ever. There will be more pain to come, prices could top $150 but eventually it will collapse like the stock market in 1987.
For the moment I will retreat to my bunker in the hills and live off my store of tinned food. All bought for Y2K, after all as the clock ticked over into 2000 all the worlds computers would go crazy and civilisation would breakdown. I'm amazed that my washing machine still works, even these would be affected acording to some experts.