The low value of the US $ is the biggest factor in today’s oil prices. Don't forget that during G W's reign our dollar has lost nearly 32 % of it's value on the world market based on GDP per capita. In the mean time inflation has gone up over 25%. Oil is traded in US $ so the price has to rise as our dollar falls. It would seem more stable if oil was traded in Euros but it would still have gone up in US dollars. Oil is a commodity that is traded on the open market and its' price is driven by demand. Use less and the demand goes down and prices go down. Unfortunately we are not the only ones using oil and demand on the world market is not going to go down. Until we either find a cheaper alternative or oil prices rise to the point that currently more expensive alternatives will be cheaper than oil, prices will continue to rise.