Why are crude oil Prices rising so high and where will this stop?

Well understood that oil resources are depleting and the consumption is increasing, that's why oil prices are rising. But from a low of $17 to a high of $78 which is 4.5 time in 2 years is ridiculous, where is the world economy heading, and will it not bring in a bigger global reccesion than the late 90's one?Why are crude oil Prices rising so high and where will this stop?
I believe part of the answer has something to do with conflict. As long as there is conflict in the Middle East, oil prices will rise. For example, the US faced an oil crisis in the 1970s during Carters Administration. There was a period of conflict during that time. The Iran Hostage Crisis and the Iran-Iraq War. Look at us now. Conflict in Iraq. Tension with Iran. Prices are up. Also, the natural disaster played a small part. Hurrican Katrina depleted some of the oil sources. The basic fact is this. The rise of prices will only stop if we end our dependence on oil.Why are crude oil Prices rising so high and where will this stop?
Well the other posts explain the rational reasons for the increase in price, but I don't think eliminating the conflict there is the only way or even the best way to lower the price of crude.





The best way is to start producing alternative fuels, reducing demand and coincidentally reducing the importance of all oil producing Arab nations...that is a much better goal. Then when we are no longer dependent upon their oil, we can withdraw and let them kill each other. Or if they continue to bother the west we can simply turn them into a parking lot....right now we are embroiled there most because we are dependent on their fuel, let's break our oil habit.
hint: start a horse and buggy sales business
traders are bidding it up because of the hurricane damage that was caused last year...also the instability in the mideast has caused concern that Iran will cut their production of oil the US...Iran produces 30% of the worlds daily oil...if the problems with Iran, Korea, Israeal and Lebanon went away oil would be back in the 50-60 range again
It's the instability that has been caused by the Iraq occupation, and the fact that the Iraq supply is undeliverable under the current situation in Iraq. Another reason to thank the current administration. Personally I think oil should cost $8 a gallon then maybe people would get fed up with the oil companies and start using non polluting alternative fuels.
The war in the Middle East needs to be stopped soon.
It is in the nature of prices to change and it is in the nature of people who own something to direct the direction of such changes as may occur.