What is wrong in the US, with that kneejerk laying off people.
I'm afraid its not a kneejerk reaction. Oil prices are staying high and may well go higher, Demand from China and India will make up for any fall in the west. Indian has been paying $6 a gallon for Gas for several years and their economy is still growing at 8%. Both countries can afford to pay the current price for oil and higher it would seem.
The Gulf states are expanding their economies and can affords to use their own oil at any price. T Boone Pickens has said that thats it, oil supply has peaked.
The world is going to have a hard future.