What's up with that?
The author suggests it's not those treacherous speculators, but rather futures based on lagging production. I subscribe to that theory. I believe we'll have a spike in oil and gasoline prices next year as demand picks up and production lags. You can't just turn a drill rig on instantly, and there is going to have to be sustained demand and higher prices for production to increase to meet demand and pull prices back down.
I don't if $110 is the correct answer, but I would venture that "significantly higher than today" will be a pretty accurate forecast.