OPEC is producing the same amount of oil as when prices were lower, therefore there are not supply shortages: "In view of sufficient supply in the global markets, I do not expect a change in the (OPEC) production level" (UAE Oil Minister Mohammed al-Hamli quoted in the Washington Post, May, 29, 2006: http://www.washingtonpost.com/wp-dyn/content/article/2006/05/29/AR2006052900249.html). And while demand may have spiked a little, it hasn't risen the 10% in the last month or so, and 33% in the last year or so that prices have (price info from http://money-cash-funds.blogspot.com/2006/05/cost-of-gas-and-cost-of-driving.html). At the same time as these rather sudden and extreme price hikes, petro-chemical companies post record profits, for example: "...leading the pack with the most cash [in the bank, for all Standard & Poor's 500 companies,] is Exxon Mobil Corp., which has about $36.55 billion on its balance sheet. That amount is nearly equal to its 2005 profit of $36.13 billion, which went down in history as the highest ever for a U.S. company" (Associated Press via Yahoo Finance: http://biz.yahoo.com/ap/060526/biz_wall_main.html?.v=1).
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