What many people don't seem to realize is that a small, say 1%, shortage in petroleum supply will not equate to a correspondingly small price increase in petroleum products. The price increase will be huge. Any shortage, no matter how small will probably mean price doubling at minimum, and I've heard predictions of possible ten-fold increases.

And as petroleum prices go up, the prices of everything else in the whole economy will go up as well. Transportation charges are already a big chunk of the price we pay for consumer goods and if transportation costs double you can expect to see horrendous price increases on store shelves.