As the site Life After the Oil Crash asks:
Are you ready for $7 per gallon gas, $182 per barrel of oil..?
Those prices may hit US faster than you think. In a recent article Aljazeera warns the West about The death of cheap crude
Oil prices may fall in the future only if there is a recession
Oil prices are in a state of flux or so we are told. But the truth of the matter may be far simpler than that; maybe production cannot meet soaring global demand.
As prices hit record highs, some analysts' remarks, and much of the comment in the media, are directed at uncertainty surrounding Russian company Yukos, Iraqi pipeline attacks, Nigerian strikes and a forthcoming presidential referendum in Venezuela.
Yet behind the easy headlines, so called emerging economies such as China and India, added to rising American demand, are putting pressure on the price of energy. Meanwhile, major oil fields are withering, no new ones are being found and supplier countries are already pumping at their production limits.
As an example, in the same year as China's consumption rose by a crushing 26% its main oilfield, Daqing, started to decline. The Chinese state, not known for releasing accurate figures on anything, said the decline would be abour 7% a year. It may well be faster."