Liam,
Oil futures a few years down the track are trading less than half of todays price. Goldman Sachs is predicting after this current super spike, prices will return to the $30-$50 bracket after 2009. I think that is a little optimistic, but I think they will drop well below $100 by then, about least half of todays price in 2009.
That being said, if Iran keeps being belligerent, and conflict develops in the Strait of Hormuz, we could well see the oil price increase significantly above todays price.