[bratticus]

In case you didn't notice the IMF stated:

Oil prices surge to fresh two and a half year highs
BBC / Apr 8, 2011

The International Monetary Fund (IMF) issued a warning that the disparity in demand and supply of oil is likely to push prices even higher.

"There is a risk that the tensions between demand and supply trends could intensify again and prices could rise rapidly," said Thomas Helbling an advisor to IMF's research department.

The IMF also warned that the markets are likely to face further scarcity in oil supplies.

"The increase in the trend component of oil prices suggest that the global oil market has entered a period of increased scarcity," the IMF said.

As concerns continue about a shortfall in supply, oil companies' efforts to add more supply sources are also being hampered.

"To make matters worse there are considerable constraints affecting the development of new oil supplies." said Rajiv Biswas of IHS global insight

[Fishman]

This in the face of the Saudi's pulling back because of "oversupply". Someone's lying.

[Lore]

I believe it's a matter of logistics and cost. It’s not an everywhere thing. Scarcity will show up first in countries unable to source their usual supplies and/or be able to pay the higher costs. Just like here, people are pulling up to the gas pump more often and putting less fuel in their tanks, not opting for an expenisve fill-up.

[bratticus]

Scarcity will show up first in countries unable to source their usual supplies and/or be able to pay the higher costs.

I wonder which ones those could be?

China raises gasoline, diesel prices to record high
By REUTERS / Apr 7, 2011

China last raise fuel prices by around 4 percent on Feb. 20 for similar reasons - worried about a repeat of diesel supply shortages that forced rationing late last year.

Narrowing refining margins have in recent weeks spurred a rare shortage of gasoline, as state-run plants shifted to more lucrative products while the more margin-sensitive local, independent refineries slashed productions to cut losses.

The bigger percentage rise for gasoline this time indicated that the government was trying to ease the supply shortage, analysts said.

Sinopec suspends refined oil exports to ensure domestic supply
People's Daily Online / Apr 21, 2011

There is a nationwide shortage of diesel, and the wholesale of diesel to retailers and private gas stations has been suspended in northern and eastern China.