Oil prices have risen by more than a quarter since the start of 2008, when they surged past USD100 a barrel for the first time. At the moment they're hovering around the USD135 a barrel mark.
In its latest monthly report published the independent Centre for Global Energy Studies said that oil prices would continue to rise unless there was a worldwide recession.
Crude futures are being supported by supply disruptions in oil-producing nations, notably Nigeria, high demand for energy by China ahead of the Summer Olympics and a weak US currency which makes dollar-price oil cheaper for foreign buyers.
Goldman Sachs, the most active investment bank in energy markets, in May predicted that oil prices would jump to $141 during the second half of the year.
Drivers in the US are up in arms about a gallon of "gas" costing USD4 - half of what we pay here! Stalker thinks back to the USD200 a barrel prediction that seemed so fanciful at the New Year - it ain’t so fanciful now. However the many oil experts still say that the price is over inflated and should be closer to $80 a barrel for oil.
In the end up, the new reality is hitting home hard and fast - people are changing their ways - fewer car trips and a lighter foot on the accelerator.
Those who can seem to be seeking out the used cooking oil alternative. Home heating systems are put on lower settings.
But what can industry do? All potential economies are being investigated in order to maximise savings.
We can add the energy crunch to the credit crunch - does it all add up to the big crunch?
