We have been here before – [1] economic growth drives up demand which [2] raises prices when supply gets tight which [3] makes oil companies/countries rich which [4] makes everyone look for more oil which [5] they eventually discover and start to pump, at just the time when [6] high prices kill the economy, so [7] we get over-supply so [8] oil prices collapse.

It won’t last, of course – eventually [9] production slows as reserves get depleted, and [10] low prices restart growth ...