It was only a couple of weeks ago that Brazil reported that they'd discovered an off shore oil field that rivaled that of Saudi Arabia's, why hasn't that brought oil prices down?  Millions more people are conserving more electricity lately, why hasn't that brought oil prices down?  Millions more people are driving hybrids, or other alternative fuel vehicles lately, why hasn't that brought oil prices down?  If the news reports are correct, it's because the Chinese and Indian economies are growing so quickly, that they're using more oil.  Unlike the Germans, another huge importer to the U.S., who are doing more than most to lower their use of the black muck.  That should send a loud message to the U.S. consumers, those who have a conscience, stop buying Chinese, and Indian made products.  Let's start demanding to know more about the companies that make our products.  Work conditions, and emission output!  This is the information age people, but you have to put your money where your mouth is.  P.S. Boycott Texas made products too, how else will we get Bush back for raping our country?

This market will spur another oil glut.  It happened in the 70's, auto makers began selling cars that could go 30 to 40 miles per gallon.  We're going to see hybrid sales go through the roof in the next five years. Plus you'll see oil shale and other alternative products develop due to the higher costs, this will allow those ventures to become actually profitable.

It's possible that China and India will drive the cost of oil, but I've read that the current $99.00 a barrel situation is mostly from speculation.  Oil should really be around 65-70 a barrel. 

So - are rates following oil?  We can do 5.75 at par - that's pretty cheap!