The only OPEC member with spare capacity is Saudia Arabia. So they are hardly forcing prices up as they are over producing already. Demand will keep increasing (95% of Chinese don't own cars and price increase will only mildly affect public transport users, India car owners are already heavily taxed).
Oil Production hasn't increased in 3 years and it probably won't increase for a at least 5 years. Russia, for example, taxes oil so heavily that oil companies cannot afford to invest in new production. Other producers are producing less, e.g. UK is past peak and falling fast.
DA7X
Could this happen?
Absolutly. The housing crash was predicted and described in detail 5 years ago in the New York Times.
Soros has been predicting it for years
MoneyNews - America's Money News Page
Its simple logic - perpetual growth is fundermentally impossible.