A new report by the U.S. Energy Information Administration says that $100/barrel oil prices are here to stay. Neither financial speculation nor instability in the Middle East are the chief culprits here (although both can cause major price swings); the main issue is basic supply and demand. China, India, Russia, and other developing countries are using a lot more oil, and there's not a whole lot of excess capacity to go around. That's enough to offset the fact that American drivers are starting to conserve and use less gasoline.
--Bradford Plumer