It's particularly interesting within the context of OPEC and the controlled regime with which we produce oil and gas globally now. Although having said this, we like to think there are regulations in place to protect us but really the balance of power is shifting to the emerging markets who still have reserves of oil to drill. In the US, imports of oil are now more than double what is produced nationally.
Which brings me on to Peak Oil - probably most famously associated with Hubbert's theory that predicts the point at which any given oil field hits peak production after which, it goes into decline. People have tried to apply this on a global level to see when World oil fields will go into terminal decline with varying predictions from the pessimist "it's already happened" to the optimist "won't be til after I'm dead". Answers on a postcard please!
The price of oil spiked at $160/barrel last year which had people stocking up at petrol stations and saw our electricity bills and transport costs go through the roof. And yet we pay $3 for a litre of bottled water which is equivalent to $475/barrel. I don't even pretend to understand the complexity behind setting oil prices (one would like to think it is just a by product of a free market) but it's scary to think there are people out there who do this for a living and can have such a big impact on our daily lives.