Oil Prices Rising: Where's the demand?

Just a weakening dollar?

2 weeks ago Boone Pickens called $65 oil before it falls back under $40. We aren't there yet - only just over $50 - but the recent surge in oil prices suggests Pickens might be on to something, even far sooner than Boone might have believed.

It's not that oil prices won't ever decline, it's just that the trend is undoubtedly upwards. More important, once America's economy gets rolling again, coupled with the growing world economy, oil demand is going to outpace production and refinement, and prices will spike. It's just that simple.

But, why is oil rising so much today?

Some say its all just a hedge against the declining dollar. So, that's a good thing?

I say its just more painting on the wall that foreign oil dependency has no future, and the longer the US waits to address this issue, the more it's going to cost.

I know it's more fun to focus on AIG bonuses worth a few hundred million versus a risk of a few trillion, but isn't the future more important?