Oil price's influence on economics is my most interesting topic

(The rally in energy prices gained momentum Friday, with retail gas prices rising further into record territory and diesel and heating oil futures setting records of their own amid concerns about strong global demand and tight supplies.At the pump, gas prices set records for the fourth straight day, rising 1.3 cents Friday to a national average price of $3.28 a gallon, according to AAA and the Oil Price Information Service. Average prices are nearing $4 in some parts of Hawaii.Light, sweet crude for April delivery fell 12 cents to settle at $110.21 on the Nymex Friday after rising earlier to within pennies of its latest trading record of $111, set Thursday.)
Recently, the oil price is increasing dramatically. It's almost $110 per barrel. The increasing of the oil price is my most interesting topic in the energy course cuz it's has huge impact on ecnomics and people's daily life. I really want to learn more about what are the major reason caused it and how to prevent it from increasing way to fast. When is it gonna stop? As time flew, isn't it possible for the price to reach $200 per barrel? I think oil is the most precious thing in our life besides water. After reading the article "how's life without oil", I am shocked to think about it and i am looking forward to learning more from you guys.