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We will return to a recession in two or three years. The US government is aware of this problem. You can visit the US EIA and look up their AEO 2009 that reports that oil demand will exceed production capacity in 2011. Kuwait's Oil Minister estimates it will happen in 2012. The OECD IEA's best guess is peak oil will probably happen in 2014.
The days of cheap oil are over; it is fast becoming a scarce nonrenewable resource. The law of supply and demand will inevitably make prices go up. Oil will be very expensive the rest of our lives.I was left with the impression from one of President Obama's speeches that he was trying to get a bill put together to curb oil speculator's from causing the price of crude to rise so much. The there are the oil lobyist's that get paid, and spend hundreds of thousands of dollars too keep the price of oil climbing to pad their wallets and those of the people in congress that own or are controlled by big oil companies.I know we will never see a gallon of gas for .35 cents, which is what I paid for a gallon when I started driving. By the time I entered the Army, and made the trip to Fort Gordon, Georgia, the first oil embargo was in full swing and a gallon of gas was well over a dollar a gallon. And you hear that the refineries are constantly cutting back on production, just to get the price of gas up so they can reap even bigger profits. That is the mentality of some very greedy individuals