Since the early 2000s oil prices have more than tripled (Fig. 1). Prices reflect not only increasing demand and decreasing supply but broader macroeconomic and geopolitical changes such as rising exploration and production costs, the falling value of the US dollar, the reemergence of “resource nationalism,” inadequate refining capacity, and an aging labor force.In addition, another issue has become apparent: The world likely will grow more, not less dependent on oil supplies from the Middle East.Because high oil prices have posed serious financial challenges to many people in consuming countries, some policymakers and analysts have blamed oil companies and producing countries ...