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The price of oil will continue to rise until the world finds another source of fuel. OPEC will most likely not increase oil production until the price of oil reaches $100 per barrel. As the worldwide population grows, the demand for oil increases. This increasing demand causes the already limited supply to become even scarcer and serves to increase prices.

Even if oil does hit the $100 per barrel price threshold, there is no guarantee that OPEC will in fact add more supply to the world market. This will worsen the price situation and the effects will be felt throughout the world. Though the U.S. relies on Canada for most of its oil, any moves (or lack thereof) made by OPEC have domestic repercussions. Though oil prices are not where they were during 2008, they are starting to rise as the recession ends.

Experts point to drops in oil prices over the summer as a result of the economic recession and falling stock market. They know that as the economy improves, the price of oil will increase. The price decline was temporary and the energy crisis is still very much a reality.

Many people still hold out hope for a rescue from a peak oil situation. They look to alternative energy sources like the sun, wind, fuel cells, and geothermal power. The problem with these sources is that we started exploring them much too late. It will take decades to develop an alternative energy program and get it working.

In the meantime, the price of oil will continue to rise as the supply is further restricted and the demand increases drastically. The world has awakened to the crisis and has begun using wind farms, solar installations, and geothermal systems. Until those can meet the majority of the world’s energy needs, we will continue to rely on oil and gas.