This is the link to an interesting article I just read in Yale Global Online on the effects of rising oil prices. One interesting point is that this increase in the price of oil is rather 'systemic' and not transitory. While the crisis in Nigeria and speculation may be partly responsible, 'tight supply and growing thirst for oil by countries such as China and India' are probably here to stay.
The article is interesting in that it describes a number of substitutions that have and will take place as a result of the signalling and incentive functions of relative price changes. Patterns of international trade will change and the development prospects of some countries will be jeopardized.
Read it. It's short and interesting. You can find the article here.
PS: Then again, read this on Brazil and a new offshore field discovered