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Bush, Speculators, Index Funds have very little to do with the high price of Crude Oil. The lack of refinery capacity has only a very small bit to do with the price of oil.

The days of finding oil cheaply are gone. The largest fields in the world are in decline. Just look at the severe decline rates Mexico is facing in Cantarell. Instead we are getting oil by heating up tarsands.

Even after all of the price increase we aren't seeing any large increases in supply. Especially from non-opec. Even Russia is saying it will not be able to increase oil production this year and they have been steadily increasing production for more than a decade.

Price will climb to the point where demand is destroyed, and given the fact that China, India, Russia, the middle east all subsidize energy consumption that isn't going to happen easily.

Let the hive mind of Engadget get that for you.

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