If this doesn't drive you to prayer ...
"Over the last two years, oil markets have moved into uncharted territory. The world experienced one of the steepest increases in oil prices in more than a generation between the spring of 2003 and the fall of 2005, when prices doubled from $25/barrel to more than $50/barrel. Despite much higher prices, growth in world oil demand in 2004 was the highest seen since the 1970s. At the same time, OPEC production capacity has fallen in Iraq, Indonesia and Venezuela. The result today is a global shortage of spare production capacity, which in turn has led to a large risk premium in oil prices. Recent trends suggest that today's high oil prices will continue until the world's spare production capacity is seen to be increasing."
The soft landing | Gristmill: The environmental news blog | Grist Magazine
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