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Goldman's David Greely is making a near-term bullish case for oil. His optimism is driven by A) The strong U.S. ISM Manufacturing data we had two days back, B) the fact that renewed Nigerian violence threatens supply, and C) the reduction in overhang caused by oil hoarded at sea in tankers (floating storage).

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February crude oil futures sunk below $33 Tuesday ahead of the contract’s expiration, and thanks to a strengthening dollar, Bloomberg reports. Economist-turned-prophet Nouriel Roubini calls oil between $30 and $40 for the rest of the year, also in Bloomberg.

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According to recent statistics, U.S. motorists have responded to record-high prices at the pump by driving less. Any hope that this cutback will significantly restrain global oil prices is misplaced, however: fundamental factors of supply and demand in the world economy will keep oil costly for years to come.

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The nightmare scenario of oil reaching $500 a barrel within a few years was raised at the weekend by a member of OPEC's governing council.

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Cheap oil, the lubricant of quick, inexpensive transportation links across the world, may not return anytime soon, upsetting the logic of diffuse global supply chains that treat geography as a footnote in the pursuit of lower wages. Rising concern about global warming, the reaction against lost jobs in rich countries, worries about food safety and security, and the collapse of world trade talks in Geneva last week also signal that political and environmental concerns may make the calculus of globalization far more complex.

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s oil prices soar, Europe's quaint streetcars and bicycling commuters are emerging as a competitive advantage. The European economy needs 20% less oil than the U.S. to produce $1,000 worth of goods and services and 75% less than China, according to Swiss bank UBS (UBS). And while U.S. energy use continues to grow, in Europe it's falling. Last year, Germany's economy expanded by 2.6% but its energy consumption plunged 5.6%.

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