Ozbusdriver, have to agree, just like the 70's and true, alot of it is fear of a shortage in oil rather than a trend of lack of the black gold.
I have a theory as to why the oil price is so high ($46 a US barrel now, me thinks)
I reckon Saudi's are peeved because good old George has gone over to their turf to steal oil. I think the only people left who still believe this war is about WMD are Johnny (truth overboard) Howard and that dead $hit, Lord Downer of Bagdad.
All Iraq needs is 5 years of stability so a much larger percentage of reserves can be tapped. (we're coming to kick ya ass 'n steal ya gas!)
But I bet the Saudi's are thinking - until that day comes, you are gonna pay through the nose.