In this article there are a few analysts talking about why oil is increasing in price so fast. They explain how the weakening dollar is making oil more affordable for emerging markets to purchase the commodity. This is causing a worldwide spike in demand that is continuing to drive oil prices up. Many analysts are saying it will shoot past $100 very soon.
I think the price of oil will cause Americans to shift over to very fuel efficient cars like hybrids and small compacts. This has already been happening over the last couple years with the increase in hybrids on the road, and SUV sales dropping. This trend will increase if the price of oil continues to rise.