In the 70s, high oil prices were a shock... People woke up, but then they relaxed.

As this poster makes abundantly clear, we've already consumed about half of the world's total endowment of regular conventional oil. This has provided most supply to-date and will dominate all supply far into the future. We are now entering the second half of the Oil Age, and face the relentless decline of production, imposed by nature.

The reason gas prices are so high is because the oil is in Texas and Oklahoma and all the dipsticks are in Washington.

Europe has shrugged (high oil prices) off pretty well but I think we will see $70 a barrel and that might be the catalyst for a sell-off.

Shell is profiting from the current high oil prices, but we are all paying the price. Oil companies must be forced to face up to their wider responsibilities - on climate change, on the environment and on human rights.

Even though oil futures are flat this morning and have remained around (the) $63 to $64 a barrel level, concerns remain over the prospect of the combination of higher inflation and borrowing costs.