It's no secret that oil prices are on the rise.
Although turmoil in the Middle East adds volatility to the near-term price of oil -- leading Arnaud de Borchgrave, a director at the Center for Strategic & International Studies to speculate oil could rise "quickly to $300 or even $400 a barrel" -- oil's long-term future depends on much more than just this...
As with all commodities, the price of oil boils down to supply and demand.
Global demand for oil is rising. Much of this comes from emerging countries like China. New vehicle sales in China are forecasted to top 20 million in 2013. And that's after overall oil consumption there rose about 4.3% in 2012.
At the same time, global supply is limited. Oil is a finite resource and is becoming increasingly harder to locate and extract.
And it's the intersection of these two trends that will continue to drive the pri