....Another cyclic panic period.
The higher Oil price will encourage more exploration which has largley been put on hold for 10 years of low oil prices. It's a big world out there.
Higher prices will encourage more research into alternative sources of energy.
Shale Oil, Bio-oil and nuclear energy will again be looked at as alternatives.
The long term result will be more fields coming on line, alternative energy used, Iraq/Russia/Venezuela political stabilty will eventually happen and in a few years there will be another price drop.
For avaition, one positive is that older-thirsty aircraft will be parked and new ones ordered.
It's not just Oil, the current water panic is resulting in governments using a small subsidy to encourage house water tanks in Cities ($600 subsidy in Sydney!).