Here, for your enjoyment, is an article which points out that it has already started. $3.00 gasoline, here we come!
"No one questions why the U.S. is occupying the Middle-East: the Administration is there for the oil. But the true gravity of the situation is only scarcely beginning to come to light. The 'markets' have already accepted the long-term "bull market" in oil prices due to increasing demand. What they don't accept yet (or understand) is the mounting "supply" problem. When this begins to dawn on them, and it could absolutely happen as quickly as within the next few months, then seemingly overnight the world will start to come apart at the seams.
Because as soon as it is recognized that for all practical purposes the situation is already upon us, then a fast and vicious "resource grab" will be initiated. The price of oil in the markets will begin to rise dramatically. This will initiate a circular hedging / hording mentality in large end-users, governments, and multi-nationals. This will then have a myriad of devastating effects, but all average Joe Consumer is going to notice is that the price at the pump will experience a brief and dramatic blip upward, gas lines will form for a short time at the corner-stations, and then suddenly the corner gas-stations will go dry altogether...perhaps getting a few sporadic deliveries, but more likely simply for good. Gasoline will not be available to individual drivers, as precedence is given to heating oil, critical government and commercial uses, public transportation, transport of food and goods, etc. How the situation unfolds after that you can imagine just as well as I...." (click on title to read entire article)