It's not just Iraq, Venezuala and Russia that are roiling oil prices. The simple fact is that demand is rising fast - very fast. As China (and to a lesser extent, India) industrialize you've got more than just the energy for industry - you've got the energy needed for all those consumers to have the cars, refrigerators, air conditioning and heating they've always wanted.
It's only just that these billions of people be drawn into a world with some prosperity and modern material comforts - but it's going to have a price.
Specifically, a price in oil.
| 