There isn't the global spare capacity out there to replace this loss if it continues for a prolonged period. Already the market is tight as a drum, and if anything else happens, say instability in the Middle East, I wouldn't preclude $100 oil at all.
Bart Melek quote
Herein indeed consists the excellence of the English government, that all parts of it form a mutual check upon each other.
~ William Blackstone (July 10, 1723 - February 14, 1780)