An enlightening summary from BBC. Oil demand around the world is increasing, partricularly from China and India, while several major supply sources are threatened, including the Middle East, Mexico and Nigeria. And with oil wealth rolling in to Russia and Venezuela, Putin and Chavez can afford to discount the wishes of the US government.
Oil prices have surged to record highs above $93 a barrel.
Prices have more than quadrupled since 2002 and are currently 40% higher than at the start of the year.
What factors are causing this unremitting increase and what are the likely consequences for consumers and the global economy?