According to this article in Globe and Mail, although Henry Groppe may skeptical that worldwide oil consumption in transportation can be significantly reduced over the next decade by using alternative fuels, he believes that fuel substitutions already happening among industrial users will offset declining global oil production.
He’s predicting a rebound to average $83-$84 per barrel for 2009.
[Update: At the same time, Mexico has opted to hedge oil prices at $70 to protect against a further slide in 2009, according to this article at Bloomberg.com]