There is no issue whatsoever on the supply side, it's being entirely driven by the skyrocketing demand, especially in the U.S., China, and India. It's also being driven by the decline in the value of the U.S. dollar, which means that even if there were no changes in supply or demand, it would cost more dollars to buy a barrel of oil today than it did five years ago.
I don't believe that at all. The dollar is at the same level it was in the mid-90's, what was the price of oil then? Why did the price of oil keep going up when the dollar strengthened recently? Where is the "skyrocketing demand" when supplies are up 11% from last year same time but demand is down 3%?
Source: http://biz.yahoo.com/ap/050818/oil_prices.html?.v=17