The Oil bubble is getting bigger, will it burst soon?

The current Oil prices seem intent on reaching new heights and with the latest announcement from the US energy secretary that the low production is the only cause behind the sudden increase in Oil prices, the ball has been knocked back onto Saudi Arabia's court.

With almost every single country reeling from high oil prices and the accompanying inflationary pressures, a conference of sorts is currently underway in Saudi Arabia, between the Oil suppliers and the Oil consuming nations. The steep hike has set ramapant inflation loose with many of the countries registering double digit inflation figures. China has already been on the brink of the 'double digit' inflation quite a while before the Oil crisis started. This was on account of its economy and with the current oil rates, the inflation is bound to shoot up like anything.

Samuel Bodman's comments prior to the conference suggests that the rest of the world has but lost their patience with Saudi Arabia as well as the rest of OPEC dragging their feet on this issue. One of the key goals of this conference would be to make Saudi Arabia see reason and not cry fowl. All the eyes are on the conference and one can but hope that the Oil bubble will burst soon rather than later, for the resultant mess would be easy to cope with.

OPEC forecasts more gloom on the Oil front!

I have to say that as a layman even I am pretty disappointed with the way that OPEC is handling this bullish trend in the oil prices. One would have thought that with all the resources that they have at hand, the OPEC would do more to bring down the price of Oil, but that seems to be far from happening.
It is not just the United states that is bound to be affected by OPEC's shilly shallying, but the entire world. Here, in India, the government is forced to foot the oil bill and this situation cannot go on forever. Either the OPEC acts by increasing the supplies as that will definitely bring down the price of oil or they should at the very least allow the International body like the United Nations to take over. We are all feeling the pinch of the Oil these days and it seems, according to OPEC, that we are bound to do so for quite some time to come!