These would kind of make sense if you were just talking about America, but the problem is world wide. And, yes, I think it may be down to what you're saying, but it's also down to many other things inluding the raise in demand from China, India, etc.
greater demand + same amount of oil = higher prices
Also, you have to remember that oil is a finite source, meaning that it will eventually run out. As this graph (http://en.wikipedia.org/wiki/Image:PU200611_Fig1.png) shows, many countries will have passed their peak production by 2010, meaning that it will all be downhill from there. This modifies the formula to look like this:
greater demand + less amount of oil = much higher prices.
I think it's a better scenario that we go through this panic, and invest in other technologies, rather than leaving it until oil becomes far too expensive, and it becoming too late.
I was reading an article that stated that if oil were to reach $500 per barrel, then it would take 4 days for the country to fall into panic.
What really winds me up, though, is that Gordon Brown stated the other day that "oil has gone from $10 to $130 per barrel in the last ten years". Yet the prices haven't gone up that much to reflect the increase in price. Oil companies are still making nice profits now, so what the hell kind of profits were they making ten years ago?
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