It's worth familiarising yourself with Peak Oil theory. It accurately predicted the effect of peak oil production in the US, and now that the world has reached peak production, we have another price spike - accurately predicted to within 2 years, way back in 1956. Pretty solid theory.
If you don't believe in the theory, then have a look at the CEO's who do, and how their companys are fairing. Like Southwest.
Contrary to your assertions, there IS a supply problem. The Americans have been working like hell to get Iraq back up and running as quickly as possible. They are already pumping more oil than they were pre-war. Why on Earth do you think the market hangs on each weekly inventory report in the US, if supplies weren't tight?
The price of oil will cost the Republicans the White House, come November, so they've no real vested interest in seeing it so high.
$145 may be overdone in the short term, but cheap oil as we have known it is history. Question is, why didn't Dixon and all his hired expertise see it coming?
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