Oil going higher will slow down the economy and this will reduce the
demand triggering a reverse trend in price.
In France it's quite expensive too, for quite a long time now.
Cheapest oil (diesel) was a bit above 1€ euro per litre 3 or 4 years
ago, now near 1.5€ euro.
Yep, that's a pretty 45 to 50% rise during less than 4 years.
Here in Croatia it's about 9$ per gallon, but the average monthly income is
only about 1000$ nationwide. So we can't really understand whining Americans
who, in tv reports, go on and on about paying 5-6$/gallon and how that's
"just too much". Of course, when you suggest that they might think about
buying sedans instead of house-sized trucks, they call you crazy.