I don't know what school of economics you went to, but you are full of crap. Put a big tax on it and that will take care of it. Did you make that up all on your own?
Where are they going to find all this oil? The best you can do outside of the Middle East costs 8 to 10 dollars a barrel to produce (deep wells, north sea). Texas crude costs around 18 bucks a barrel. Venezuela around 12 bucks.
Compare that to Saudi Arabia, where it costs about a buck a barrel. There are huge reserves in Saudi that have yet to be tapped. Same thing with Iraq. Iraq could put out 4 times what they are now in fairly short order. Don't think for a minute that that isn't going to happen. You just try and compete with the Middle East. You will get your nuts handed to you in a plastic baggie.
This is a spike. I don't know how high it will go, but it is not going to last. Oil is a commodity and it's going to behave like one. The Opecers will begin cheating soon, if they aren't already. By December oil will be down to around 35 dollars a barrel, if not lower.
Hmm, so you start off with an insult and proceed to repeat the simplest part of my explanation. So you agree with the part you can undestand and offer no counter-argument for the part you don't other than a insult?
Seems like someone knows that he does not know what he is talking about, otherwise an insult would not be needed.
Economic arguments can be countered with good, contrary arguments, but you have failed to do anything other than reinforce my statement that money from unnecessary consumption of oil (through lack of efficiency) will flow directly into Saudi coffers.
Write back if you have something intelligent to say and try not to make yourself look silly.