While oil is a non-renewable resource it is being depleted at a slow rate when compared to market gyrations. There are other factors that are impacting the price of oil now, chiefly OPEC production quotas and US refining capacity. If these change it could have a big impact on the price of oil (positive or negative). So I wouldn't invest on the theory that it has to go up because its non-renewable. Oil is going to have its peaks and troughs over the next 40 years or so. More peaks than troughs but whose to say if $106 isn't a localized peak?