Just read in the Wall St Journal that the Chinese increased consumption of oil is likely this year to be half what it was last year. Among other things, the Chinese gas price has hit a record, and more gas-efficient cars are "in".

So--no grounds for complacency, but Armageddon may not be here quite yet.

It would obviously help the oil situation if the illustrious US "leaders" would actually take fuel economy seriously---instead of finding excuses not to--as for instance, we can always pillage the Arctic National Wildlife Refuge.