Record prices are suddenly creating the sharpest tensions in years between the oil cartel, Europe and United States the world’s largest oil consumer soon China will also be affected . More oil on the global market has been requested, OPEC members chose to leave their production levels unchanged, declaring that the market has plenty of oil already. THI IS PURE SPECULATION...
WorldWatch blames financial speculators, OPEC and American economic problems, which have helped lower the value of the dollar, for the high oil prices ...
OPEC had ignored public calls from the United States and rest of the world to increase supplies. In January, Mr. Bush traveled to Saudi Arabia and urged producers to open their taps. But the plea failed to sway OPEC. When the group met in February, it kept its production level unchanged.
While members of OPEC chose not to increase supplies, they were not entirely oblivious to the political and economic impact of more than $100 oil.
The sharp surge in oil prices in recent days has deterred the group from cutting its production, a move that some members like Algeria and Iran were seriously contemplating a few weeks ago.
With the United States economy in recession, oil prices have risen as investors flee the stock market and seek refuge in hard assets like commodities. The fall in the value of the dollar gives OPEC an incentive to keep prices high. Since oil is sold in dollars, petroleum producers see the value of their exports decline any time the dollar drops.
So its time car producers, oil companies and governments joined forces and found alternative energy sources, the world cannot depend any more on just crude and a handfull of nations to provide energy..its time mankind went forward to the next level...

The falling dollar has complex economic effects in the United States, not all of them bad. The drop is helping to fuel a surge of American exports, one of the few bright spots in a struggling economy.
Higher energy prices, which have been rising relentlessly for nearly a decade, are creating tensions between consuming nations and producers around the world. Oil-rich countries like Russia and Venezuela have become more demanding in their dealings with foreign oil companies, often restricting access to prime drilling locations.
America’s got to change its habits; they got to get off oil, start saving energy, cut back Until we change our habits, there’s going to be more dependency on oil