Another thing to remember is that China is bidding up the price of gas. Domestic manufacture of autos in China has gone up by roughly triple over the past 3-4 years. All those autos need fuel, so China is now buying oil in higher quantities than in previous years. Likewise for steel. The price of steel is up something like 60% over a year ago, and it has gotten so bad that thieves are stealing (bad pun - sorry) guard rails from highway median strips in New Jersey and selling them for scrap.
With increased Chinese and Asian prosperity, the competition for the commodities we used to use more of in the West will drive prices for those commodities nowhere but up.
Mark