How does the supply of oil impact its price?

Weakening of the US economy, dollar depreciation, inflation, world speculative investments, Venezualan bad relations, OPEC greed, and obviously the great instability of Iraq coupled with the explosion of many oil refineries in Iraq during the war.

Fossil fuels are a finite resource. One day they will run out. What we are consuming in Oil & Gas are the prehistoric tropical rainforests & vegetation stored within the earth over millions of years. We are burning these resources at an ever increasing rate & they cannot be replaced. All of a sudden the world is changing and countries which have been seen as Third World, principally China & India (& others) are becoming major players in the world economy. What we in the 'West' are seeing at this moment in time on the News is us staring at the Abyss. We in the west are about to become very much poorer in world terms. Mark my Words, we are becoming poorer, those of us that read these Words, those of us that live in Europe & the US & possibly Japan & Australasia. Oh dear !