$800 oil would be GREAT, because it would drive industry toward alternative fuels. I don't think it will happen soon, but the price increases we're seeing certainly are sparking increased research.
I think a lot of the price increase is due to speculators.
I have heard a 20-30% increase from speculators.
I've heard similar figures. Something sinister is happening as oil has increased 1,200% since 1999, whereas the world economy is less than 30% larger. U.S. oil consumption is down so demand from the largest user in the world is not driving the price. We know all of the reasons and there is plenty of blame to go around including but not limited to U.S. policy. But speculators, traders, and hedgers purchasing oil contracts to hedge inflation are also part of the problem.
You do the math..... I'll do the alfredo!! HAHAHAHAHAHAHA!!