The Mogambo Guru (too long absent from these pages) points out that a major factor in the increase in the price of oil, is simply the decline in the dollar. We here in the UK don't see it, because the pound is staring the dollar in the eye as both go screaming parachuteless towards the ground.
At least Richard Daughty is one who will not go gentle into that good night.
Now, isn't this what happened in the Seventies? Only we were conned into thinking it was down to wicked Arabs, when really the story was increased monetary inflation for some years pre-1974.