The answer is yes. I found this article in The Energy Bulletin and found it stated a view that closely agreed with my views and I though I would share it with you.
The Dawn of a New Oil Era?
By Robert J. Samuelson
Newsweek
April 4 issue - The interesting question about the advent of $50-a-barrel oil is whether it signals a new era in the economic and politics of energy. To sharpen the question: have we entered a period when, owing to consistantly strong demand and chronically scarce supplies, prices have moved permantly higher? We don't know, but the answer could be "yes" for at least one reason: China.
The complete article can be found at this site
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