Oil Price

The PRI had an article on oil price. There are many factors influencing the price: exploration cost, market supply and demand, political decisions, and speculation. I thought the article quite interesting and the author to be correct on many issues. The US will be the country most impacted by high oil prices. Producers will soon satisfy their domestic needs and reduce export. For the next years while we are going through the current structural crisis, oil price will not be a crucial issue. We are heading equally fast into the peak oil situation but oil price is unlikely to go up drastically during the next 2 years and hence oil, oil prices, and peak oil will not be on the political radar even though it should be. Current politics is always a step behind. Our society is always dealing with the past problem, the one that just happened; it is never willing (to face and) to deal with the upcoming problem showing up on the horizon, no matter how big it is.