Something I want to add is that while oil has risen fast, coal has had 250% rise in one year. That is right, 250% in one year. So coal mining in the Ruhr might be very profitable once again. While it is kind of a bubble it shows that a such a high price level a whole range of other sources of energy becomes very attractive. Coal to oil conversion is particulary interesting.

P.S: Very interesting info by our norwegian members about oil production. Fits neatly in my perception of current state-owned oil companies.