Peak production. According to several analysts peak production has already
been reached in Saudi Arabia which is why there output has declined in
recent years and why it is harder for them to extract /pump oil.
A recent interview with an oil expert said that prices would soon hit $50 a
barrel because of peak production.
BTW, the biggest benefactor of ethanol production is Archer-Daniels, the
company that has been implicated in several price-fixing schemes and one of
the largest campaign contributors.