I think too many are looking at past info and experience in this oil debate. $75 will seem VERY cheap in the coming months and years. $150 will seem just cheap.
Education in the oil sector is in order for most of society (if that's what they call Dubai) and people on this globe. Oil from most of the worlds giant oil fields is depleting (and "The Kingdom" doctors or lies about their data) and there are no new reserves popping up. No "silver bullits." This problems is real and will be the biggest news going forward. The biggest loser in all of this will be the US, as they'll have to dig and even bigger hole to try and prop their society up, which is completely designed and built around cheap oil. Amazing how times can shift. History will teach us a lesson once again, all great empires come to an end.
As most of you are probably doubters, a great place to start is a book by Matthew Simmons, "Twilight in the Desert," where he uses endless DATA to prove his point, not some blind faith.
As for hedging, I'd say set your hedges now Emirates, if you want to be one of the long term players in this game.
Well, time to put my smile back on and get outside.