Oil prices are skyrocketing globally because of the increased demand by emerging countries, especially China and India. As the demand for oil in these countries continues to rise the supply and demand ratio will futher increase, placing record breaking strain on the global energy system. With increased demand oil prices will continue to rise, with no limit in sight. There is no reason for oil prices to retreat, as it is impossible for demand to decrease on a worldwide scale.
Gasoline prices are still very cheap in the United States. For decades Eurpose and other countries have dealt with 6-10$ per gallon. They drive tiny cars are the solution. Americans are stuck on big vehicles that get 10 MPG, but this is going to change really quick. With the price of a tank of gas topping $100 dollars for a medium, to large SUV there are reports that the demand for such vehicles is substantially decreasing. More fuel efficient vehicles is the future of the car industry in America, as we try and keep up with the soaring demand and price of gasoline nationwide.