INSANE: Oil @ US$103.95?

The following paragraph from MarketWatch sends a chill with oil price surging to US$103.95 (all time high even if you consider inflation adjusted historical rates) with the low US dollar and rising tensions in South America to blame:

Crude for April delivery rallied $2.11 to a near record of $103.95 a barrel on the New York Mercantile Exchange in early morning trading. The nominal level has already passed inflation-adjusted historical highs.

This year's INSANE oil price watch:

1. INSANE: Oil Topped at US$102.80
   
2. INSANE: Oil Continues the Post US$100 Trend
3. INSANE: Crude Oil Prices Touched US$100 A Barrel